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{\title Abbas Ali and Others v Chaudhary and Others}{\author Information Technology Unit}{\operator freriks_k}{\creatim\yr2008\mo12\dy3\hr15\min39}{\revtim\yr2009\mo1\dy19\hr8\min15}{\printim\yr2004\mo3\dy22\hr10\min30}{\version25}{\edmins48}{\nofpages11}
{\nofwords4261}{\nofchars24291}{\*\company Judicial Department}{\nofcharsws28496}{\vern16393}{\*\password 00000000}}{\*\xmlnstbl }\paperw12240\paperh15840\margl1800\margr1800\margt1440\margb576\gutter0 
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{\*\pnseclvl9\pnlcrm\pnstart1\pnindent1560\pnhang }\pard\plain \qc \li0\ri0\widctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid15078722 \fs20\lang1033\langfe1033\cgrid\langnp1033\langfenp1033 {\b\fs24\insrsid11038291 
IN THE HIGH COURT OF FIJI
\par AT SUVA
\par CIVIL JURISDICTION
\par }\pard \ql \li0\ri0\widctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid15078722 {\b\fs24\insrsid11038291 
\par }\pard \qc \li0\ri0\widctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid15078722 {\fs24\insrsid11038291 CIVIL ACTION NO. HBC00061 OF 2001L}{\fs24\insrsid11038291\charrsid11038291 
\par }\pard \ql \li0\ri0\widctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid15078722 {\fs24\insrsid11038291 
\par }\pard \qc \li0\ri0\widctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid15078722 {\b\fs24\insrsid11038291 ABBAS ALI }{\fs24\insrsid11038291\charrsid10571344 AND Others
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\par }\pard \qc \li0\ri0\widctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid15078722 {\b\fs24\insrsid11038291 V
\par }\pard \ql \li0\ri0\widctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid15078722 {\b\fs24\insrsid11038291 
\par }\pard \qc \li0\ri0\widctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid15078722 {\b\fs24\insrsid11038291 CHAUDHARY }{\fs24\insrsid11038291\charrsid10571344 and Others
\par }\pard \ql \li0\ri0\widctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid11038291 {\fs24\insrsid11038291 
\par Gates J}{\fs24\insrsid14617341 
\par }{\fs24\insrsid15078722\charrsid11038291 
\par }\pard \ql \li0\ri0\widctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid15078722 {\fs24\insrsid15078722\charrsid11038291 Mr. S. Maharaj for the 1st and 2nd Plaintiffs
\par Mr. H. Ram for the Defendants}{\fs24\insrsid15078722 
\par }{\fs24\insrsid15078722\charrsid15078722 
\par 26 April, 16 July, 16 April 2002
\par 22 March 2004
\par }{\fs24\insrsid14617341\charrsid15078722 
\par }\pard \qc \li0\ri0\widctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid15078722 {\b\fs24\insrsid14617341\charrsid15078722 R}{\b\fs24\insrsid11038291\charrsid15078722 ULIN}{\b\fs24\insrsid14617341\charrsid15078722 G
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\par }{\b\fs24\insrsid14617341\charrsid11038291 [Companies Law; share ownership; transfers; determinative evidence to be considered; proper 
instrument of transfer section 79 Companies Act; unessential matters not impeding registration; not compliant with Articles; elapse of time and actions of claimant; an unconditional and absolute right to be registered; duties of transferor; the register o
f members; Notices of Refusal to register s.60; denial of pre-emptive rights; power of court to rectify s.120; prior duty of Directors to make timely correction; register and share certificates not conclusive]
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\par }\pard \ql \li0\ri0\widctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid1457508 {\b\fs24\insrsid14617341\charrsid15078722 Introduction
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\par [1]}{\b\fs24\lang2057\langfe1033\langnp2057\insrsid14617341\charrsid11038291 \tab }{\fs24\lang2057\langfe1033\langnp2057\insrsid14617341\charrsid11038291 
The issue for determination here is whether 10,000 shares of the Fantasy Company of Fiji Ltd [2nd Plaintiff, the company] were held by one of the 1st named Plaintiffs or by one of the Defendants.}{\fs24\lang2057\langfe1033\langnp2057\insrsid11038291  }{
\fs24\lang2057\langfe1033\langnp2057\insrsid14617341\charrsid11038291 On this finding hangs the question of majority control of the company.}{\fs24\lang2057\langfe1033\langnp2057\insrsid11038291  }{
\fs24\lang2057\langfe1033\langnp2057\insrsid14617341\charrsid11038291 A secondary issue for determination, but also of importance, is the exact shareholdings of the members of the company.
\par 
\par [2] \tab The 2nd Plaintiff is a land sales company.}{\fs24\lang2057\langfe1033\langnp2057\insrsid11038291  }{\fs24\lang2057\langfe1033\langnp2057\insrsid14617341\charrsid11038291 It holds prime State leasehold land adjoining the Nadi beach.}{
\fs24\lang2057\langfe1033\langnp2057\insrsid11038291  }{\fs24\lang2057\langfe1033\langnp2057\insrsid14617341\charrsid11038291 Its business is to develop infrastructure and to sell lots from the sub-division.}{
\fs24\lang2057\langfe1033\langnp2057\insrsid11038291  }{\fs24\lang2057\langfe1033\langnp2057\insrsid14617341\charrsid11038291 Some lots have already been sold and substantial residential properties have been built on them.}{
\fs24\lang2057\langfe1033\langnp2057\insrsid11038291  }{\fs24\lang2057\langfe1033\langnp2057\insrsid14617341\charrsid11038291 Unfortunately, the shareholders of the company have quarrelled.}{\fs24\lang2057\langfe1033\langnp2057\insrsid11038291  }{
\fs24\lang2057\langfe1033\langnp2057\insrsid14617341\charrsid11038291 The Defendants make allegations of abuse of office against the Managing Director [1st named 1st Plaintiff] and say his style of management was dictatorial.
\par 
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After an interim injunction was obtained by the Plaintiffs to prevent the Defendants from dealing with the company\rquote s assets or from operating the bank account other than with counter-signatures from the Plaintiffs\rquote 
 faction, the parties agreed, at least for a while, to go forward under the terms of a consent order.}{\fs24\insrsid11038291\charrsid15078722  }{\fs24\insrsid14617341\charrsid15078722 This compromise did not last.}{\fs24\insrsid11038291\charrsid15078722  
}{\fs24\insrsid14617341\charrsid15078722 Things went from bad to worse.}{\fs24\insrsid11038291\charrsid15078722  }{\fs24\insrsid14617341\charrsid15078722 Ma
tters in this action were fought tooth and nail, the parties taking out between them some 31 summonses or motions including 6 for contempt.}{\fs24\insrsid11038291\charrsid15078722  }{\fs24\insrsid14617341\charrsid15078722 
Eventually counsel for the parties asked me to rule at this stage on the crucial issue of share ownership, hence this ruling.}{\fs24\insrsid11038291\charrsid15078722  }{\fs24\insrsid14617341\charrsid15078722 
The Defendants in their submissions urged me not to hear oral evidence saying it would be unjust, inexpedient and uneconomical to do so.}{\fs24\insrsid11038291\charrsid15078722  }{\fs24\insrsid14617341\charrsid15078722 
It was agreed that the issue of majority shareholdings was a legal issue and not a factual issue.
\par 
\par [4]\tab The proceedings began with an originating summons dated 14 February 2001.}{\fs24\insrsid11038291\charrsid15078722  }{\fs24\insrsid14617341\charrsid15078722 
Two affidavits in support were sworn and filed by Abbas Ali for the Plaintiffs [14 February, 28 February 2001] and one in opposition by Umendra Jit Chaudhary for the Defendants [sworn 22 February 2001].}{\fs24\insrsid11038291\charrsid15078722  }{
\fs24\insrsid14617341\charrsid15078722 However other affidavits filed in other summons in this action have also been referred to and are relevant to this ruling.}{\fs24\insrsid11038291\charrsid15078722  }{\fs24\insrsid14617341\charrsid15078722 
12 affidavits in all have been considered.}{\fs24\insrsid11038291\charrsid15078722  }{\fs24\insrsid14617341\charrsid15078722 Counsel have provided two written submissions each to add to the voluminous affidavits filed.}{
\fs24\insrsid11038291\charrsid15078722  }{\fs24\insrsid14617341\charrsid15078722 The submissions were detailed, relevant and helpful.
\par 
\par [5]\tab Initially Abbas Ali said the shareholders were as follows:
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\fs24\lang2057\langfe1033\langnp2057\insrsid14617341\charrsid11038291 FUMIYO KAYANO\cell 42,775}{\fs24\lang2057\langfe1033\langnp2057\insrsid14617341 
\par }{\fs24\lang2057\langfe1033\langnp2057\insrsid4657418\charrsid11038291 \cell }{\fs24\lang2057\langfe1033\langnp2057\insrsid14617341\charrsid11038291 12.66\cell }\pard \ql \li0\ri0\widctlpar\intbl\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0 {
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\fs24\lang2057\langfe1033\langnp2057\insrsid14617341\charrsid11038291 MASATOSHI KAYANO\cell 42,775}{\fs24\lang2057\langfe1033\langnp2057\insrsid14617341 
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\fs24\lang2057\langfe1033\langnp2057\insrsid14617341\charrsid11038291 EDWARD J HENRY THOMPSON\cell 42,775}{\fs24\lang2057\langfe1033\langnp2057\insrsid14617341 
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\fs24\lang2057\langfe1033\langnp2057\insrsid14617341\charrsid11038291 RATU APISAI DERE NAEVO\cell 5,015}{\fs24\lang2057\langfe1033\langnp2057\insrsid14617341 
\par }{\fs24\lang2057\langfe1033\langnp2057\insrsid4657418\charrsid11038291 \cell }{\fs24\lang2057\langfe1033\langnp2057\insrsid14617341\charrsid11038291 1.50\cell }\pard \ql \li0\ri0\widctlpar\intbl\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0 {
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\fs24\lang2057\langfe1033\langnp2057\insrsid14617341\charrsid11038291 UMENDRA JIT CHAUDHARY\cell 42,775}{\fs24\lang2057\langfe1033\langnp2057\insrsid14617341 
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\clbrdrl\brdrs\brdrw10 \clbrdrb\brdrs\brdrw10 \clbrdrr\brdrs\brdrw10 \cltxlrtb\clftsWidth3\clwWidth1800\clshdrawnil \cellx9000\row }\pard \ql \li0\ri0\nowidctlpar\intbl\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\pararsid11038291 {
\fs24\lang2057\langfe1033\langnp2057\insrsid14617341\charrsid11038291 RICHARD JAMES URWIN\cell 42,775}{\fs24\lang2057\langfe1033\langnp2057\insrsid14617341 
\par }{\fs24\lang2057\langfe1033\langnp2057\insrsid4657418\charrsid11038291 \cell }{\fs24\lang2057\langfe1033\langnp2057\insrsid14617341\charrsid11038291 12.66\cell }\pard \ql \li0\ri0\widctlpar\intbl\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0 {
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\clbrdrl\brdrs\brdrw10 \clbrdrb\brdrs\brdrw10 \clbrdrr\brdrs\brdrw10 \cltxlrtb\clftsWidth3\clwWidth1800\clshdrawnil \cellx9000\row }\trowd \irow10\irowband10\ts11\trgaph108\trrh908\trleft540\trbrdrt\brdrs\brdrw10 \trbrdrl\brdrs\brdrw10 \trbrdrb
\brdrs\brdrw10 \trbrdrr\brdrs\brdrw10 \trbrdrh\brdrs\brdrw10 \trbrdrv\brdrs\brdrw10 \trftsWidth3\trwWidth8460\trftsWidthB3\trftsWidthA3\trpaddl108\trpaddr108\trpaddfl3\trpaddfr3\tblind648\tblindtype3 \clvertalt\clbrdrt\brdrs\brdrw10 \clbrdrl
\brdrs\brdrw10 \clbrdrb\brdrs\brdrw10 \clbrdrr\brdrs\brdrw10 \cltxlrtb\clftsWidth3\clwWidth4320\clshdrawnil \cellx4860\clvertalt\clbrdrt\brdrs\brdrw10 \clbrdrl\brdrs\brdrw10 \clbrdrb\brdrs\brdrw10 \clbrdrr\brdrs\brdrw10 
\cltxlrtb\clftsWidth3\clwWidth2340\clshdrawnil \cellx7200\clvertalt\clbrdrt\brdrs\brdrw10 \clbrdrl\brdrs\brdrw10 \clbrdrb\brdrs\brdrw10 \clbrdrr\brdrs\brdrw10 \cltxlrtb\clftsWidth3\clwWidth1800\clshdrawnil \cellx9000\pard 
\ql \li0\ri0\nowidctlpar\intbl\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\pararsid11038291 {\fs24\lang2057\langfe1033\langnp2057\insrsid14617341\charrsid11038291 APAKUKI TUITAVUA
\par (TRUSTEE FOR MATAQALI
\par VOTUBURU)
\par 
\par }\pard \ql \li0\ri0\widctlpar\intbl\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\pararsid4657418 {\fs24\insrsid14617341\charrsid4657418 [Directors]\cell }\pard 
\ql \li0\ri0\nowidctlpar\intbl\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\pararsid11038291 {\fs24\lang2057\langfe1033\langnp2057\insrsid14617341\charrsid11038291 
\par 11,210\cell 
\par }{\fs24\lang2057\langfe1033\langnp2057\insrsid11038291  }{\fs24\lang2057\langfe1033\langnp2057\insrsid14617341\charrsid11038291 3.33\cell }\pard \ql \li0\ri0\widctlpar\intbl\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0 {
\fs24\lang2057\langfe1033\langnp2057\insrsid14617341\charrsid11038291 \trowd \irow10\irowband10\ts11\trgaph108\trrh908\trleft540\trbrdrt\brdrs\brdrw10 \trbrdrl\brdrs\brdrw10 \trbrdrb\brdrs\brdrw10 \trbrdrr\brdrs\brdrw10 \trbrdrh\brdrs\brdrw10 \trbrdrv
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\clbrdrl\brdrs\brdrw10 \clbrdrb\brdrs\brdrw10 \clbrdrr\brdrs\brdrw10 \cltxlrtb\clftsWidth3\clwWidth1800\clshdrawnil \cellx9000\row }\trowd \irow11\irowband11\lastrow \ts11\trgaph108\trleft540\trbrdrt\brdrs\brdrw10 \trbrdrl\brdrs\brdrw10 \trbrdrb
\brdrs\brdrw10 \trbrdrr\brdrs\brdrw10 \trbrdrh\brdrs\brdrw10 \trbrdrv\brdrs\brdrw10 \trftsWidth3\trwWidth8460\trftsWidthB3\trftsWidthA3\trpaddl108\trpaddr108\trpaddfl3\trpaddfr3\tblind648\tblindtype3 \clvertalt\clbrdrt\brdrs\brdrw10 \clbrdrl
\brdrs\brdrw10 \clbrdrb\brdrs\brdrw10 \clbrdrr\brdrs\brdrw10 \cltxlrtb\clftsWidth3\clwWidth4320\clshdrawnil \cellx4860\clvertalt\clbrdrt\brdrs\brdrw10 \clbrdrl\brdrs\brdrw10 \clbrdrb\brdrs\brdrw10 \clbrdrr\brdrs\brdrw10 
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\s5\ql \li0\ri0\nowidctlpar\intbl\wrapdefault\aspalpha\aspnum\faauto\outlinelevel4\adjustright\rin0\lin0\pararsid11038291 \b\fs24\lang1033\langfe1033\cgrid\langnp1033\langfenp1033 {\lang2057\langfe1033\langnp2057\insrsid14617341\charrsid11038291 TOTAL
\cell }\pard\plain \ql \li0\ri0\nowidctlpar\intbl\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\pararsid11038291 \fs20\lang1033\langfe1033\cgrid\langnp1033\langfenp1033 {\fs24\lang2057\langfe1033\langnp2057\insrsid11038291  }{
\fs24\lang2057\langfe1033\langnp2057\insrsid14617341\charrsid11038291 337,775\cell \cell }\pard \ql \li0\ri0\widctlpar\intbl\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0 {\fs24\lang2057\langfe1033\langnp2057\insrsid14617341\charrsid11038291 
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\clbrdrl\brdrs\brdrw10 \clbrdrb\brdrs\brdrw10 \clbrdrr\brdrs\brdrw10 \cltxlrtb\clftsWidth3\clwWidth1800\clshdrawnil \cellx9000\row }\pard \ql \li0\ri0\widctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid6840396 {
\fs24\insrsid14617341\charrsid6840396 
\par [6]\tab That allocation and subscription gave the 1st Plaintiffs 176,115 shares as against 161,660 for the Defendants (supported by Richard Urwin and the Mataqali Votuburu). The annual return for 10 March 1999, filed by the company\rquote 
s accountants HLB Crosbie and Underhill, had Jai Prasad [2nd named Defendant] and Masatoshi Kayano [3rd named 1st Plaintiff] listed as holding 32,450 shares each [not 21,125 for Prasad or 42,775 for Kayano].}{\fs24\insrsid11038291\charrsid6840396  }{
\fs24\insrsid14617341\charrsid6840396 The Defendants therefore claim to have the majority holding with support of 171,985 shares as against the Plaintiffs\rquote  group with 165,790.}{\fs24\insrsid11038291\charrsid6840396  }{
\fs24\insrsid14617341\charrsid6840396 Chaudhary was Chairman, Abbas Ali Managing Director and Jai Prasad was a Director as well as from 1997 onwards, company secretary.}{\fs24\insrsid11038291\charrsid6840396  }{\fs24\insrsid14617341\charrsid6840396 
The registered office was at Abbas Ali\rquote s property, the ground floor flat, Waqadra, Nadi, where all the company records were kept.
\par }{\fs24\insrsid6840396 
\par }{\fs24\insrsid14617341\charrsid6840396 [7]\tab Mr. Chaudhary claims no changes to share membership have occurred since 8 January 1996, when Richard Urwin became a member.}{\fs24\insrsid11038291\charrsid6840396  }{\fs24\insrsid14617341\charrsid6840396 
The annual return for 1999 also gives that date, in the column headed \'93Date of registration of member\'94, for all of the shareholdings.}{\fs24\insrsid11038291\charrsid6840396  }{\fs24\insrsid14617341\charrsid6840396 Mosese Seniwakula}{
\fs24\insrsid11038291\charrsid6840396  }{\fs24\insrsid14617341\charrsid6840396 took over as Trustee for the Mataqali Votuburu}{\fs24\insrsid6840396\charrsid6840396  from Apakuki Tuitavua in 1998.}{\fs24\insrsid14617341\charrsid6840396 
\par 
\par [8]\tab The company was formed on 15th October 1991.}{\fs24\insrsid11038291\charrsid6840396  }{\fs24\insrsid14617341\charrsid6840396 There were two subscribing members.}{\fs24\insrsid11038291\charrsid6840396  }{\fs24\insrsid14617341\charrsid6840396 They
 were Abbas Ali and his brother Saiyad Hussein, the 1st and 2nd named 1st Plaintiffs.}{\fs24\insrsid11038291\charrsid6840396  }{\fs24\insrsid14617341\charrsid6840396 Each subscribed to take up 50,000 shares.}{\fs24\insrsid11038291\charrsid6840396  }{
\fs24\insrsid14617341\charrsid6840396 The share capital at incorporation was $250,000 in $1 shares.}{\fs24\insrsid11038291\charrsid6840396  }{\fs24\insrsid14617341\charrsid6840396 
At a meeting of shareholders on 12 January 1993 it was resolved that each of the subscribers would reduce their holdings by 10,000 shares to 40,000 shares.}{\fs24\insrsid11038291\charrsid6840396  }{\fs24\insrsid14617341\charrsid6840396 
It was also resolved that new members were to be recruited.}{\fs24\insrsid11038291\charrsid6840396  }{\fs24\insrsid14617341\charrsid6840396 Eventually 8 new members joined. 
\par 
\par [9] \tab Of the 10 shareholders in this private company none of them could be said to have a thorough appreciation of a company\rquote s share structure, share transfers procedure, share premiums, or company record keeping.}{
\fs24\insrsid11038291\charrsid6840396  }{\fs24\insrsid14617341\charrsid6840396 This was not a large corporation having a separate company secretary\rquote 
s Department with in-house accountants and lawyers to carry out, or to advise on how to handle, such matters.}{\fs24\insrsid11038291\charrsid6840396  }{\fs24\insrsid14617341\charrsid6840396 
Small companies throughout the world invariably have to manage without such expertise.}{\fs24\insrsid11038291\charrsid6840396  }{\fs24\insrsid14617341\charrsid6840396 The courts appreciate these difficulti
es and are often therefore more concerned to ensure that there is substantial, rather than total compliance, with company Articles.
\par The new shareholders
\par 
\par [10] \tab Abbas Ali proved payment to the company for his initial subscription, by exhibiting an ANZ Bank credit advice for $40,000 on 29.1.93 [his Affidavit sworn on 3.4.01].}{\fs24\insrsid11038291\charrsid6840396  }{
\fs24\insrsid14617341\charrsid6840396 This covered the taking up of 40,000 shares.}{\fs24\insrsid11038291\charrsid6840396  }{\fs24\insrsid14617341\charrsid6840396 His brother was to hold 40,000 also.}{\fs24\insrsid11038291\charrsid6840396  }{
\fs24\insrsid14617341\charrsid6840396 The minutes of the meeting recorded allotment to the new shareholders as follows:
\par }\pard \ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid11038291 {\fs24\lang2057\langfe1033\langnp2057\insrsid14617341\charrsid11038291 
\par }\trowd \irow0\irowband0\ts22\trgaph108\trleft720\trbrdrt\brdrs\brdrw10 \trbrdrl\brdrs\brdrw10 \trbrdrb\brdrs\brdrw10 \trbrdrr\brdrs\brdrw10 \trbrdrh\brdrs\brdrw10 \trbrdrv\brdrs\brdrw10 
\trftsWidth1\trftsWidthB3\trftsWidthA3\trautofit1\trpaddl108\trpaddr108\trpaddfl3\trpaddft3\trpaddfb3\trpaddfr3\tbllkhdrrows\tbllklastrow\tbllkhdrcols\tbllklastcol\tblind828\tblindtype3 \clvertalt\clbrdrt\brdrs\brdrw10 \clbrdrl\brdrs\brdrw10 \clbrdrb
\brdrs\brdrw10 \clbrdrr\brdrs\brdrw10 \cltxlrtb\clftsWidth3\clwWidth3600\clshdrawnil \cellx4320\clvertalt\clbrdrt\brdrs\brdrw10 \clbrdrl\brdrs\brdrw10 \clbrdrb\brdrs\brdrw10 \clbrdrr\brdrs\brdrw10 \cltxlrtb\clftsWidth3\clwWidth2790\clshdrawnil \cellx7110
\pard\plain \ql \li0\ri0\nowidctlpar\intbl\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\pararsid12153932\yts22 \fs20\lang1033\langfe1033\cgrid\langnp1033\langfenp1033 {\fs24\lang2057\langfe1033\langnp2057\insrsid5838712\charrsid5838712 (a) 
\tab Masatoshi Kayano}{\fs24\lang2057\langfe1033\langnp2057\insrsid5838712 
\par }{\fs24\lang2057\langfe1033\langnp2057\insrsid5838712\charrsid5838712 \cell 20,000 shares\cell }\pard\plain \ql \li0\ri0\widctlpar\intbl\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0 \fs20\lang1033\langfe1033\cgrid\langnp1033\langfenp1033 {
\lang2057\langfe1033\langnp2057\insrsid5838712\charrsid5838712 \trowd \irow0\irowband0\ts22\trgaph108\trleft720\trbrdrt\brdrs\brdrw10 \trbrdrl\brdrs\brdrw10 \trbrdrb\brdrs\brdrw10 \trbrdrr\brdrs\brdrw10 \trbrdrh\brdrs\brdrw10 \trbrdrv\brdrs\brdrw10 
\trftsWidth1\trftsWidthB3\trftsWidthA3\trautofit1\trpaddl108\trpaddr108\trpaddfl3\trpaddft3\trpaddfb3\trpaddfr3\tbllkhdrrows\tbllklastrow\tbllkhdrcols\tbllklastcol\tblind828\tblindtype3 \clvertalt\clbrdrt\brdrs\brdrw10 \clbrdrl\brdrs\brdrw10 \clbrdrb
\brdrs\brdrw10 \clbrdrr\brdrs\brdrw10 \cltxlrtb\clftsWidth3\clwWidth3600\clshdrawnil \cellx4320\clvertalt\clbrdrt\brdrs\brdrw10 \clbrdrl\brdrs\brdrw10 \clbrdrb\brdrs\brdrw10 \clbrdrr\brdrs\brdrw10 \cltxlrtb\clftsWidth3\clwWidth2790\clshdrawnil \cellx7110
\row }\pard\plain \ql \li0\ri0\nowidctlpar\intbl\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\pararsid12153932\yts22 \fs20\lang1033\langfe1033\cgrid\langnp1033\langfenp1033 {\fs24\lang2057\langfe1033\langnp2057\insrsid5838712\charrsid5838712 
(b) \tab Edward Henry Thompson}{\fs24\lang2057\langfe1033\langnp2057\insrsid5838712 
\par }{\fs24\lang2057\langfe1033\langnp2057\insrsid5838712\charrsid5838712 \cell 40,000 shares\cell }\pard\plain \ql \li0\ri0\widctlpar\intbl\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0 \fs20\lang1033\langfe1033\cgrid\langnp1033\langfenp1033 {
\lang2057\langfe1033\langnp2057\insrsid5838712\charrsid5838712 \trowd \irow1\irowband1\ts22\trgaph108\trleft720\trbrdrt\brdrs\brdrw10 \trbrdrl\brdrs\brdrw10 \trbrdrb\brdrs\brdrw10 \trbrdrr\brdrs\brdrw10 \trbrdrh\brdrs\brdrw10 \trbrdrv\brdrs\brdrw10 
\trftsWidth1\trftsWidthB3\trftsWidthA3\trautofit1\trpaddl108\trpaddr108\trpaddfl3\trpaddft3\trpaddfb3\trpaddfr3\tbllkhdrrows\tbllklastrow\tbllkhdrcols\tbllklastcol\tblind828\tblindtype3 \clvertalt\clbrdrt\brdrs\brdrw10 \clbrdrl\brdrs\brdrw10 \clbrdrb
\brdrs\brdrw10 \clbrdrr\brdrs\brdrw10 \cltxlrtb\clftsWidth3\clwWidth3600\clshdrawnil \cellx4320\clvertalt\clbrdrt\brdrs\brdrw10 \clbrdrl\brdrs\brdrw10 \clbrdrb\brdrs\brdrw10 \clbrdrr\brdrs\brdrw10 \cltxlrtb\clftsWidth3\clwWidth2790\clshdrawnil \cellx7110
\row }\pard\plain \ql \li0\ri0\nowidctlpar\intbl\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\pararsid12153932\yts22 \fs20\lang1033\langfe1033\cgrid\langnp1033\langfenp1033 {\fs24\lang2057\langfe1033\langnp2057\insrsid5838712\charrsid5838712 
(c) \tab Fumiyo Kayano}{\fs24\lang2057\langfe1033\langnp2057\insrsid5838712 
\par }{\fs24\lang2057\langfe1033\langnp2057\insrsid5838712\charrsid5838712 \cell 40,000 shares\cell }\pard\plain \ql \li0\ri0\widctlpar\intbl\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0 \fs20\lang1033\langfe1033\cgrid\langnp1033\langfenp1033 {
\lang2057\langfe1033\langnp2057\insrsid5838712\charrsid5838712 \trowd \irow2\irowband2\ts22\trgaph108\trleft720\trbrdrt\brdrs\brdrw10 \trbrdrl\brdrs\brdrw10 \trbrdrb\brdrs\brdrw10 \trbrdrr\brdrs\brdrw10 \trbrdrh\brdrs\brdrw10 \trbrdrv\brdrs\brdrw10 
\trftsWidth1\trftsWidthB3\trftsWidthA3\trautofit1\trpaddl108\trpaddr108\trpaddfl3\trpaddft3\trpaddfb3\trpaddfr3\tbllkhdrrows\tbllklastrow\tbllkhdrcols\tbllklastcol\tblind828\tblindtype3 \clvertalt\clbrdrt\brdrs\brdrw10 \clbrdrl\brdrs\brdrw10 \clbrdrb
\brdrs\brdrw10 \clbrdrr\brdrs\brdrw10 \cltxlrtb\clftsWidth3\clwWidth3600\clshdrawnil \cellx4320\clvertalt\clbrdrt\brdrs\brdrw10 \clbrdrl\brdrs\brdrw10 \clbrdrb\brdrs\brdrw10 \clbrdrr\brdrs\brdrw10 \cltxlrtb\clftsWidth3\clwWidth2790\clshdrawnil \cellx7110
\row }\pard\plain \ql \li0\ri0\nowidctlpar\intbl\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\pararsid12153932\yts22 \fs20\lang1033\langfe1033\cgrid\langnp1033\langfenp1033 {\fs24\lang2057\langfe1033\langnp2057\insrsid5838712\charrsid5838712 
(d) \tab Jai Prasad\cell 30,000 shares\cell }\pard\plain \ql \li0\ri0\widctlpar\intbl\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0 \fs20\lang1033\langfe1033\cgrid\langnp1033\langfenp1033 {
\lang2057\langfe1033\langnp2057\insrsid5838712\charrsid5838712 \trowd \irow3\irowband3\lastrow \ts22\trgaph108\trleft720\trbrdrt\brdrs\brdrw10 \trbrdrl\brdrs\brdrw10 \trbrdrb\brdrs\brdrw10 \trbrdrr\brdrs\brdrw10 \trbrdrh\brdrs\brdrw10 \trbrdrv
\brdrs\brdrw10 \trftsWidth1\trftsWidthB3\trftsWidthA3\trautofit1\trpaddl108\trpaddr108\trpaddfl3\trpaddft3\trpaddfb3\trpaddfr3\tbllkhdrrows\tbllklastrow\tbllkhdrcols\tbllklastcol\tblind828\tblindtype3 \clvertalt\clbrdrt\brdrs\brdrw10 \clbrdrl
\brdrs\brdrw10 \clbrdrb\brdrs\brdrw10 \clbrdrr\brdrs\brdrw10 \cltxlrtb\clftsWidth3\clwWidth3600\clshdrawnil \cellx4320\clvertalt\clbrdrt\brdrs\brdrw10 \clbrdrl\brdrs\brdrw10 \clbrdrb\brdrs\brdrw10 \clbrdrr\brdrs\brdrw10 
\cltxlrtb\clftsWidth3\clwWidth2790\clshdrawnil \cellx7110\row }\pard \ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid11038291 {\fs24\lang2057\langfe1033\langnp2057\insrsid14617341\charrsid11038291 
\par [11] \tab It was agreed there would be allocation also to:
\par 
\par }\pard\plain \ql \li0\ri0\nowidctlpar\intbl\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\pararsid3434621\yts22 \fs20\lang1033\langfe1033\cgrid\langnp1033\langfenp1033 {\fs24\lang2057\langfe1033\langnp2057\insrsid595917\charrsid595917 
The Mataqali Votuburu}{\fs24\lang2057\langfe1033\langnp2057\insrsid595917  }{\fs24\lang2057\langfe1033\langnp2057\insrsid595917\charrsid595917 of Saumaka Village}{\fs24\lang2057\langfe1033\langnp2057\insrsid595917 
\par }{\fs24\lang2057\langfe1033\langnp2057\insrsid595917\charrsid595917 \cell 11,000 shares\cell }\pard\plain \ql \li0\ri0\widctlpar\intbl\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0 \fs20\lang1033\langfe1033\cgrid\langnp1033\langfenp1033 {
\fs24\lang2057\langfe1033\langnp2057\insrsid595917\charrsid595917 \trowd \irow0\irowband0\ts22\trgaph108\trleft720\trbrdrt\brdrs\brdrw10 \trbrdrl\brdrs\brdrw10 \trbrdrb\brdrs\brdrw10 \trbrdrr\brdrs\brdrw10 \trbrdrh\brdrs\brdrw10 \trbrdrv\brdrs\brdrw10 
\trftsWidth1\trftsWidthB3\trftsWidthA3\trautofit1\trpaddl108\trpaddr108\trpaddfl3\trpaddft3\trpaddfb3\trpaddfr3\tbllkhdrrows\tbllklastrow\tbllkhdrcols\tbllklastcol\tblind828\tblindtype3 \clvertalt\clbrdrt\brdrs\brdrw10 \clbrdrl\brdrs\brdrw10 \clbrdrb
\brdrs\brdrw10 \clbrdrr\brdrs\brdrw10 \cltxlrtb\clftsWidth3\clwWidth3600\clshdrawnil \cellx4320\clvertalt\clbrdrt\brdrs\brdrw10 \clbrdrl\brdrs\brdrw10 \clbrdrb\brdrs\brdrw10 \clbrdrr\brdrs\brdrw10 \cltxlrtb\clftsWidth3\clwWidth2790\clshdrawnil \cellx7110
\row }\pard\plain \ql \li0\ri0\nowidctlpar\intbl\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\pararsid3434621\yts22 \fs20\lang1033\langfe1033\cgrid\langnp1033\langfenp1033 {\fs24\lang2057\langfe1033\langnp2057\insrsid595917\charrsid595917 
Ratu Apisai Dere Naevo}{\fs24\lang2057\langfe1033\langnp2057\insrsid595917 
\par }{\fs24\lang2057\langfe1033\langnp2057\insrsid595917\charrsid595917 \cell 4,000 shares\cell }\pard\plain \ql \li0\ri0\widctlpar\intbl\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0 \fs20\lang1033\langfe1033\cgrid\langnp1033\langfenp1033 {
\fs24\lang2057\langfe1033\langnp2057\insrsid595917\charrsid595917 \trowd \irow1\irowband1\lastrow \ts22\trgaph108\trleft720\trbrdrt\brdrs\brdrw10 \trbrdrl\brdrs\brdrw10 \trbrdrb\brdrs\brdrw10 \trbrdrr\brdrs\brdrw10 \trbrdrh\brdrs\brdrw10 \trbrdrv
\brdrs\brdrw10 \trftsWidth1\trftsWidthB3\trftsWidthA3\trautofit1\trpaddl108\trpaddr108\trpaddfl3\trpaddft3\trpaddfb3\trpaddfr3\tbllkhdrrows\tbllklastrow\tbllkhdrcols\tbllklastcol\tblind828\tblindtype3 \clvertalt\clbrdrt\brdrs\brdrw10 \clbrdrl
\brdrs\brdrw10 \clbrdrb\brdrs\brdrw10 \clbrdrr\brdrs\brdrw10 \cltxlrtb\clftsWidth3\clwWidth3600\clshdrawnil \cellx4320\clvertalt\clbrdrt\brdrs\brdrw10 \clbrdrl\brdrs\brdrw10 \clbrdrb\brdrs\brdrw10 \clbrdrr\brdrs\brdrw10 
\cltxlrtb\clftsWidth3\clwWidth2790\clshdrawnil \cellx7110\row }\pard \ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid11038291 {\fs24\lang2057\langfe1033\langnp2057\insrsid14617341\charrsid11038291 
\par [12] \tab Of the allocation of 30,000 shares to Jai Prasad it was agreed that 20,000 would be a new allocation and that 10,000 shares would be transferred by Abbas Ali from his original subscription holding of 50,000.}{
\fs24\lang2057\langfe1033\langnp2057\insrsid11038291  }{\fs24\lang2057\langfe1033\langnp2057\insrsid14617341\charrsid11038291 Sim
ilarly, Masatoshi Kayano would increase his holding from 20,000 to 30,000 by taking 10,000 shares off Saiyad Hussein, the other original subscriber.
\par 
\par [13] \tab At first Abbas Ali said that the two Canadian investors, Edward Henry Thompson and Richard James Urwin had paid a premium each for their shares, which in turn had added shares to the holdings of the existing shareholders.}{
\fs24\lang2057\langfe1033\langnp2057\insrsid11038291  }{\fs24\lang2057\langfe1033\langnp2057\insrsid14617341\charrsid11038291 Urwin took up his shares in 1996.}{\fs24\lang2057\langfe1033\langnp2057\insrsid11038291  }{
\fs24\lang2057\langfe1033\langnp2057\insrsid14617341\charrsid11038291 In his final affidavit [9.5.01] Ali admitted that though $1.25 had been paid per share by Thompson a
nd Urwin, there was in fact no resultant increase in the other shareholders holdings by virtue of the premia paid.}{\fs24\lang2057\langfe1033\langnp2057\insrsid11038291  }{\fs24\lang2057\langfe1033\langnp2057\insrsid14617341\charrsid11038291 
Each of the major shareholders therefore held 40,000 shares.}{\fs24\lang2057\langfe1033\langnp2057\insrsid11038291  }{\fs24\lang2057\langfe1033\langnp2057\insrsid14617341\charrsid11038291 
This change of opinion followed an investigation by, and advice on the matter from, the company\rquote s accountants Messrs HLB Crosbie and Associates.}{\fs24\lang2057\langfe1033\langnp2057\insrsid11038291  }{
\fs24\lang2057\langfe1033\langnp2057\insrsid14617341\charrsid11038291 The premia paid might have increased the value of the original shareholders shares.}{\fs24\lang2057\langfe1033\langnp2057\insrsid11038291  }{
\fs24\lang2057\langfe1033\langnp2057\insrsid14617341\charrsid11038291 They did not have the effect of adding extra shares.}{\fs24\lang2057\langfe1033\langnp2057\insrsid11038291  }{\fs24\lang2057\langfe1033\langnp2057\insrsid14617341\charrsid11038291 
For that to have happened the procedure of Section 60 as to fully paid bonus shares would have to be followed.}{\fs24\lang2057\langfe1033\langnp2057\insrsid11038291  }{\fs24\lang2057\langfe1033\langnp2057\insrsid14617341\charrsid11038291 
Mr Ali admitted he was earlier mistaken.}{\fs24\lang2057\langfe1033\langnp2057\insrsid11038291  }{\fs24\lang2057\langfe1033\langnp2057\insrsid14617341\charrsid11038291 
Prior to the troubles which arose in 2001 it would appear the Defendants were content to accept the extent of the shareholdings then said to be held.
\par 
\par }\pard \ql \li0\ri0\widctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid1457508 {\b\fs24\insrsid14617341\charrsid6709950 Jai Prasad\rquote s shareholding
\par }\pard \ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid11038291 {\b\fs24\lang2057\langfe1033\langnp2057\insrsid14617341\charrsid11038291 
\par }\pard \ql \li0\ri0\widctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid6709950 {\fs24\insrsid14617341\charrsid6709950 [14] \tab Mr Jai Prasad raised $20,000 through the ANZ Bank to purchase his 20,000 shares in the company.}{
\fs24\insrsid11038291\charrsid6709950  }{\fs24\insrsid14617341\charrsid6709950 His loan application was approved in a letter from the bank of 25.9.91.}{\fs24\insrsid11038291\charrsid6709950  }{\fs24\insrsid14617341\charrsid6709950 The same
 bank confirmed receipt of such funds into the account of the company by its letter of 19.5.93 [Masatoshi affidavit sworn on}{\fs24\insrsid11038291\charrsid6709950  }{\fs24\insrsid14617341\charrsid6709950 7.3.01].
\par 
\par [15] \tab Mr Ali said that Jai Prasad could not raise the balance $10,000 for the 10,000 shares which Ali had offered him.}{\fs24\insrsid11038291\charrsid6709950  }{\fs24\insrsid14617341\charrsid6709950 Th
e bank would only advance Prasad $20,000, not $30,000.}{\fs24\insrsid11038291\charrsid6709950  }{\fs24\insrsid14617341\charrsid6709950 
Ali said he gave Prasad more time till 12.1.93, and again till 24.5.93. He said Prasad was eventually unable to purchase his shares.}{\fs24\insrsid11038291\charrsid6709950  }{\fs24\insrsid14617341\charrsid6709950 
Accordingly Ali sold them to Masatoshi Kayano on 30.11.93.}{\fs24\insrsid11038291\charrsid6709950  }{\fs24\insrsid14617341\charrsid6709950 A transfer form however had already been completed for Prasad to take Ali\rquote s shares.
\par 
\par [16] \tab Jai Prasad said that upon approval of his bank loan he paid the $20,000 to the company.}{\fs24\insrsid11038291\charrsid6709950  }{\fs24\insrsid14617341\charrsid6709950 The bank\rquote s approval letter was dated 25.9.91.}{
\fs24\insrsid11038291\charrsid6709950  }{\fs24\insrsid14617341\charrsid6709950 Prasad does not state exactly when he paid, but it was not till 16 months after the bank\rquote s letter was issued that he was allocated the 20,000 shares in the company.}{
\fs24\insrsid11038291\charrsid6709950  }{\fs24\insrsid14617341\charrsid6709950 It would be more likely for him to have paid for the shares following the allocation, rather than that he paid months in advance without the authority of an allocation.
\par }\pard \ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid11038291 {\fs24\lang2057\langfe1033\langnp2057\insrsid14617341\charrsid11038291 
\par [17] \tab If $20,000 had to be provided to Prasad by the bank on loan, where was the source of the funds for the extra $10,000, the $10,000 which admittedly he could not raise in time for the meeting of 12.1.93?}{
\fs24\lang2057\langfe1033\langnp2057\insrsid11038291  }{\fs24\lang2057\langfe1033\langnp2057\insrsid14617341\charrsid11038291 It did not come through the banking system.}{\fs24\lang2057\langfe1033\langnp2057\insrsid11038291  }{
\fs24\lang2057\langfe1033\langnp2057\insrsid14617341\charrsid11038291 No documentary evidence has been tendered to prove source.}{\fs24\lang2057\langfe1033\langnp2057\insrsid11038291  }{
\fs24\lang2057\langfe1033\langnp2057\insrsid14617341\charrsid11038291 In good faith, Ali was prepared to sign the transfer form and have the company issue a share certificate showing his 10,000 shares in Prasad\rquote s name, though, and i
t is unchallenged, Prasad had not paid for them at that time.
\par 
\par [18] \tab On his \'93Statement of financial position as at 5.4.98\'94 addressed to the ANZ Bank Prasad had declared his total shareholding as valued at $20,000 not $30,000.}{\fs24\lang2057\langfe1033\langnp2057\insrsid11038291  }{
\fs24\lang2057\langfe1033\langnp2057\insrsid14617341\charrsid11038291 It would appear that at that time in 1998 Prasad did not believe that he was then the owner of the additional 10,000 shares from Ali. 
\par 
\par [19] \tab Both Ali and Prasad accept that the Certificate of Transfer was signed by them on 12 January 1993 when no money had been paid over.}{\fs24\lang2057\langfe1033\langnp2057\insrsid11038291  }{
\fs24\lang2057\langfe1033\langnp2057\insrsid14617341\charrsid11038291 Prasad said they had agreed to the transfer prior to that January meeting.}{\fs24\lang2057\langfe1033\langnp2057\insrsid11038291  }{
\fs24\lang2057\langfe1033\langnp2057\insrsid14617341\charrsid11038291 Prasad does not say why, having agreed to pay for the shares by the January meeting, he was unable to do so on the day.}{\fs24\lang2057\langfe1033\langnp2057\insrsid11038291  }{
\fs24\lang2057\langfe1033\langnp2057\insrsid14617341\charrsid11038291 Ali said Prasad could not raise the extra finance.}{\fs24\lang2057\langfe1033\langnp2057\insrsid11038291  }{\fs24\lang2057\langfe1033\langnp2057\insrsid14617341\charrsid11038291 
He also said Mrs Prasad, signed the transfer form as a witness to her husband\rquote s signature at the next meeting on 24.5.93.}{\fs24\lang2057\langfe1033\langnp2057\insrsid11038291  }{
\fs24\lang2057\langfe1033\langnp2057\insrsid14617341\charrsid11038291 But no monies were forthcoming on that day either.
\par 
\par [20] \tab Because Prasad was unable to come up with the $10,000, the shares were transferred by Jai Prasad to Masatoshi Kayano.}{\fs24\lang2057\langfe1033\langnp2057\insrsid11038291  }{\fs24\lang2057\langfe1033\langnp2057\insrsid14617341\charrsid11038291 
On 30 November 1993 Prasad and Masatoshi signed a transfer document.}{\fs24\lang2057\langfe1033\langnp2057\insrsid11038291  }{\fs24\lang2057\langfe1033\langnp2057\insrsid14617341\charrsid11038291 This much is unchallenged.}{
\fs24\lang2057\langfe1033\langnp2057\insrsid11038291  }{\fs24\lang2057\langfe1033\langnp2057\insrsid14617341\charrsid11038291 The document was witnessed by Ali though stamp duty was not paid till 26.2.01.}{
\fs24\lang2057\langfe1033\langnp2057\insrsid11038291  }{\fs24\lang2057\langfe1033\langnp2057\insrsid14617341\charrsid11038291 Masatoshi paid for these shares on 12 October 1993.}{\fs24\lang2057\langfe1033\langnp2057\insrsid11038291  }{
\fs24\lang2057\langfe1033\langnp2057\insrsid14617341\charrsid11038291 In his affidavit Masatoshi exhibited a handwritten notation which listed his and his wife\rquote s shareholdings in the company and their loan to the company.}{
\fs24\lang2057\langfe1033\langnp2057\insrsid11038291  }{\fs24\lang2057\langfe1033\langnp2057\insrsid14617341\charrsid11038291 This note listed the 10,000 shares from Saiyad Hussein and the 10,000 from Jai Prasad.}{
\fs24\lang2057\langfe1033\langnp2057\insrsid11038291  }{\fs24\lang2057\langfe1033\langnp2057\insrsid14617341\charrsid11038291 Masatoshi exhibited details of his payment, a deposit to the company\rquote 
s bank account on 12.10.93 for $8,000 and $2,000 in cash.
\par 
\par [21] \tab From time to time the Directors of the company lent money to the company.}{\fs24\lang2057\langfe1033\langnp2057\insrsid11038291  }{\fs24\lang2057\langfe1033\langnp2057\insrsid14617341\charrsid11038291 Eventually a large bank loan was arranged, f
or it was obvious in the early stages of the land subdivision, roading and infrastructure created voracious needs for finance.}{\fs24\lang2057\langfe1033\langnp2057\insrsid11038291  }{\fs24\lang2057\langfe1033\langnp2057\insrsid14617341\charrsid11038291 
Ali accepted that Prasad had also lent money.}{\fs24\lang2057\langfe1033\langnp2057\insrsid11038291  }{\fs24\lang2057\langfe1033\langnp2057\insrsid14617341\charrsid11038291 
$12,000 was lent in 1995 of which $9,000 remains as the outstanding balance owed by the company to Prasad.}{\fs24\lang2057\langfe1033\langnp2057\insrsid11038291  }{\fs24\lang2057\langfe1033\langnp2057\insrsid14617341\charrsid11038291 
Whilst Prasad may have had $12,000 to loan to the company in 1995, it does not follow that he had $10,000 to buy Ali\rquote s shares in January or May 1993.}{\fs24\lang2057\langfe1033\langnp2057\insrsid14617341 
\par }{\fs24\lang2057\langfe1033\langnp2057\insrsid6709950\charrsid11038291 
\par }{\fs24\lang2057\langfe1033\langnp2057\insrsid14617341\charrsid11038291 [22]\tab Prasad\rquote s evidence relied on the Annual Returns prepared by the company\rquote 
s accountants in which the shareholdings were set out in the table as at paragraph 5 of this judgment.}{\fs24\lang2057\langfe1033\langnp2057\insrsid11038291  }{\fs24\lang2057\langfe1033\langnp2057\insrsid14617341\charrsid11038291 
The information on these holdings appears to have been given to the accountants by Ali.}{\fs24\lang2057\langfe1033\langnp2057\insrsid11038291  }{\fs24\lang2057\langfe1033\langnp2057\insrsid14617341\charrsid11038291 
The holdings as at January 1993 were different from those filed in 1997, the time of the scrip lien to the ANZ Bank.}{\fs24\lang2057\langfe1033\langnp2057\insrsid11038291  }{\fs24\lang2057\langfe1033\langnp2057\insrsid14617341\charrsid11038291 
Share certificates issued in 1996 similarly reflected holdings as in the banking documents of 1997.}{\fs24\lang2057\langfe1033\langnp2057\insrsid11038291  }{\fs24\lang2057\langfe1033\langnp2057\insrsid14617341\charrsid11038291 These reflected the misund
erstandings on share premia.
\par 
\par [23] \tab Until the accountants looked into the matter precisely there appears to have been no professional consideration of the shareholdings.}{\fs24\lang2057\langfe1033\langnp2057\insrsid11038291  }{
\fs24\lang2057\langfe1033\langnp2057\insrsid14617341\charrsid11038291 But no support can be gained by the Defendants from an FTIB letter of 12 January 2001 
since this had merely reiterated the tabulated shareholding that the Board had been given by the company much earlier on.}{\fs24\lang2057\langfe1033\langnp2057\insrsid11038291  }{\fs24\lang2057\langfe1033\langnp2057\insrsid14617341\charrsid11038291 

\par 
\par [24] \tab The answer lies in a careful retracing of events, the initial subscription, the 1993 allocations, the transfers and the later shareholders of Urwin and Chaudhary. This is what the accountants checked, albeit late on in the day.}{
\fs24\lang2057\langfe1033\langnp2057\insrsid11038291  }{\fs24\lang2057\langfe1033\langnp2057\insrsid14617341\charrsid11038291 The result is set out in paragraphs 10 and 11 supra.}{\fs24\lang2057\langfe1033\langnp2057\insrsid11038291  }{
\fs24\lang2057\langfe1033\langnp2057\insrsid14617341\charrsid11038291 Ali has frankly admitted he got it wrong.}{\fs24\lang2057\langfe1033\langnp2057\insrsid11038291  }{\fs24\lang2057\langfe1033\langnp2057\insrsid14617341\charrsid11038291 
He put it to the accountants to look into, and they then examined the position and corrected the holdings.
\par 
\par [25] \tab Prasad\rquote s claim to have purchased, and therefore now to possess the extra 10,000 shares, relies on his statement that he did indeed pay Ali for them.}{\fs24\lang2057\langfe1033\langnp2057\insrsid11038291  }{
\fs24\lang2057\langfe1033\langnp2057\insrsid14617341\charrsid11038291 No evidence is forthcoming in support of that payment.}{\fs24\lang2057\langfe1033\langnp2057\insrsid11038291  }{\fs24\lang2057\langfe1033\langnp2057\insrsid14617341\charrsid11038291 
Second, Prasad admits signing the transfer form and says he transferred the 10,000 shares to Masatoshi so as to support Masatoshi\rquote s application in late 1993 for FTIB approval.}{\fs24\lang2057\langfe1033\langnp2057\insrsid11038291  }{
\fs24\lang2057\langfe1033\langnp2057\insrsid14617341\charrsid11038291 Prasad said Ali told him the purpose of this transaction and \'93that it was a feign document\'94.}{\fs24\lang2057\langfe1033\langnp2057\insrsid11038291  }{
\fs24\lang2057\langfe1033\langnp2057\insrsid14617341\charrsid11038291 Masatoshi was attempting, on this account, to puff up the scale of his holding.}{\fs24\lang2057\langfe1033\langnp2057\insrsid11038291  }{
\fs24\lang2057\langfe1033\langnp2057\insrsid14617341\charrsid11038291 
\par 
\par [26] \tab Prasad asks the court to believe his assertion that he was not parting with ownership.}{\fs24\lang2057\langfe1033\langnp2057\insrsid11038291  }{\fs24\lang2057\langfe1033\langnp2057\insrsid14617341\charrsid11038291 
In doing so he relies on his admission of his part in deceiving the FTIB as to the true shareholding of the applicant for approval, namely Masatoshi.}{\fs24\lang2057\langfe1033\langnp2057\insrsid11038291  }{
\fs24\lang2057\langfe1033\langnp2057\insrsid14617341\charrsid11038291 On a balance of probabilities the accounts of Masatoshi and Ali are to be preferred here, which are also supported by the accountants.}{
\fs24\lang2057\langfe1033\langnp2057\insrsid11038291  }{\fs24\lang2057\langfe1033\langnp2057\insrsid14617341\charrsid11038291 If all of this deception had been pr
actised by Prasad in 1993 why was nothing done by him to re-assert his ownership of this block of shares until the troubles arose some 8 years later?}{\fs24\lang2057\langfe1033\langnp2057\insrsid11038291  }{
\fs24\lang2057\langfe1033\langnp2057\insrsid14617341\charrsid11038291 After all he had become company secretary in 1997 and as an officer of the company was in a key position to put matters right.}{\fs24\lang2057\langfe1033\langnp2057\insrsid11038291  }{
\fs24\lang2057\langfe1033\langnp2057\insrsid14617341\charrsid11038291 It was said by Sir Baliol Brett M R in }{\i\fs24\lang2057\langfe1033\langnp2057\insrsid14617341\charrsid11038291 Skinner v City of London Marine Insurance Corporation}{
\fs24\lang2057\langfe1033\langnp2057\insrsid14617341\charrsid11038291  [1881-85] All ER 167 at p169 \'93that the seller should execute a valid transfer, and hand over the certificate to the transferee, and do all in 
his power to enable the transferee to insist on his right to have the transfer registered.\'94}{\fs24\lang2057\langfe1033\langnp2057\insrsid11038291  }{\fs24\lang2057\langfe1033\langnp2057\insrsid14617341\charrsid11038291 
There is an implied duty and obligation from the transferor to do nothing to prevent the transferee being entered on the register so as to acquire the full benefits of the transfer }{\i\fs24\lang2057\langfe1033\langnp2057\insrsid14617341\charrsid11038291 
Hooper v Herts}{\fs24\lang2057\langfe1033\langnp2057\insrsid14617341\charrsid11038291  [1906] Ch.D 253 at p260.
\par 
\par }\pard \ql \li0\ri0\widctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid1457508 {\b\fs24\insrsid14617341\charrsid6709950 What determines share ownership?
\par }\pard \ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid11038291 {\b\fs24\lang2057\langfe1033\langnp2057\insrsid14617341\charrsid11038291 
\par }\pard \ql \li0\ri0\widctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid6709950 {\fs24\insrsid14617341\charrsid6709950 [27] \tab 
In addition to subscribers at registration, those who agree to become members and whose names are entered in its register of members are also members of a company [section 30 Companies Act Cap. 247].}{\fs24\insrsid11038291\charrsid6709950  }{
\fs24\insrsid14617341\charrsid6709950 After the memorandum and articles are registered both the company and the members become bound \'93to the same extent as if they respectively had been signed and sealed by each member to observe all the provisions\'94
 [section 24].}{\fs24\insrsid11038291\charrsid6709950  }{\fs24\insrsid14617341\charrsid6709950 
\par 
\par [28] \tab No trusts of any sort are to be entered on the register [section 121].}{\fs24\insrsid11038291\charrsid6709950  }{\fs24\insrsid14617341\charrsid6709950 
The Register of Members constitutes prima facie evidence of its contents [section 122]: but the evidential effect of the register may be displaced by other releva
nt evidence: Shropshire Union Canal Co v Anderson (1849) 3 Ex 399 at 403; Metropolitan Milk Supply (Greater Brisbane) Ltd v Paulsen [1933] St. R. Qd 53 at p74.}{\fs24\insrsid11038291\charrsid6709950  }{\fs24\insrsid14617341\charrsid6709950 
The court has power to rectify entries in the register [section 120].}{\fs24\insrsid11038291\charrsid6709950  }{\fs24\insrsid14617341\charrsid6709950 In this case on 7.2.01 the
 register had been taken from the registered office of the company by the 3 Defendants [Chaudhary, Prasad, Thompson] on the pretext of a company meeting.}{\fs24\insrsid11038291\charrsid6709950  }{\fs24\insrsid14617341\charrsid6709950 
The removal of company papers from the registered office has never been denied.}{\fs24\insrsid11038291\charrsid6709950  }{\fs24\insrsid14617341\charrsid6709950 Though secondary evide
nce was given of the entries on the register by Chaudhary, the register, or extracts from it, which was then in their custody were never exhibited by the Defendants.}{\fs24\insrsid11038291\charrsid6709950  }{\fs24\insrsid14617341\charrsid6709950 
I shall return to this fact further on.
\par }\pard \ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid11038291 {\fs24\lang2057\langfe1033\langnp2057\insrsid14617341\charrsid11038291 
\par [29] \tab By virtue of section 79 of the Act transfers of shares cannot be registered \'93unless a proper instrument of transfer has been delivered to the company.\'94}{\fs24\lang2057\langfe1033\langnp2057\insrsid11038291  }{
\fs24\lang2057\langfe1033\langnp2057\insrsid14617341\charrsid11038291 Shares are stated to be \'93personal property transferable in manner provided by the articles of the company\'94 [section 77].}{\fs24\lang2057\langfe1033\langnp2057\insrsid11038291  }{
\fs24\lang2057\langfe1033\langnp2057\insrsid14617341\charrsid11038291 In }{\i\fs24\lang2057\langfe1033\langnp2057\insrsid14617341\charrsid11038291 Nanney v Morgan}{\fs24\lang2057\langfe1033\langnp2057\insrsid14617341\charrsid11038291  [1887] 
37 Ch.D 346 at p354 Cotton L J said:
\par 
\par }\pard \ql \li720\ri0\widctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin720\itap0\pararsid6709950 {\fs24\insrsid14617341\charrsid6709950 \'93I do not place any reliance on the t
ransferee being entered on the register, because when a deed of transfer duly executed is left with the secretary, it becomes the duty of the company to register the transferee as entitled to the shares, and the mere neglect of the company to do that, wil
l not in my opinion affect the right of the transferee to be treated as the legal owner of the shares.\'94
\par }\pard \ql \li0\ri0\widctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid6709950 {\fs24\insrsid14617341\charrsid6709950 
\par [30] \tab On 30 November 1993 a Transfer of Shares form was completed by Prasad, signed by Masatoshi and Ali.}{\fs24\insrsid11038291\charrsid6709950  }{\fs24\insrsid14617341\charrsid6709950 It followed the form set out in the Articles [
Art. 29] apart from omitting mention of the consideration.}{\fs24\insrsid11038291\charrsid6709950  }{\fs24\insrsid14617341\charrsid6709950 
Of course no consideration had been paid by Masatoshi, the purchaser, to Prasad, because Prasad had not completed his own purchase of the shares from Ali.}{\fs24\insrsid11038291\charrsid6709950  }{\fs24\insrsid14617341\charrsid6709950 
Prasad had not paid any money for them, though the shares may have been in his name on the register. Masatoshi meanwhile did pay for them which tends to suggest he made a genuine investment in the company and was not attempting to deceive the FTIB.}{
\fs24\insrsid11038291\charrsid6709950  }{\fs24\insrsid14617341\charrsid6709950 The transfer forms used by all of the shareholders and Directors at the time of the bank loan application by the company in 1997 followed the same wording.}{
\fs24\insrsid11038291\charrsid6709950  }{\fs24\insrsid14617341\charrsid6709950 From their own involvement it can be inferred that the Directors did not for any of these lodged transfers decide to refuse to register them as being in unacceptable form.}{
\fs24\insrsid11038291\charrsid6709950  }{\fs24\insrsid14617341\charrsid6709950 Nor did they question the transfer from Prasad to Masatoshi.}{\fs24\insrsid11038291\charrsid6709950  }{\fs24\insrsid14617341\charrsid6709950 
At the time the company secretary was the 3rd Defendant [Thompson].}{\fs24\insrsid11038291\charrsid6709950  }{\fs24\insrsid14617341\charrsid6709950 Subsequently the company secretary was the 2nd Defendant [Prasad himself].}{
\fs24\insrsid11038291\charrsid6709950  }{\fs24\insrsid14617341\charrsid6709950 The omission of the considera
tion was an unessential matter, if it were worthy of mention at all in the circumstances of this transfer, and I find the transfer form Prasad to Masatoshi to have been a proper instrument sufficient for registration purposes: In re Paradise Motor Co Ltd 
[1968] 1 WLR 1125; Ansett v Guinea Airways Ltd and Potter [1945] SASR 94 where the court found the omission of details of occupation of member not to be fatal to valid registration.
\par }\pard \ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid11038291 {\fs24\lang2057\langfe1033\langnp2057\insrsid14617341\charrsid11038291 
\par [31] \tab The original transfer from Ali to Prasad of 12 January 1993 was not strictly in the form as set out in the Articles.}{\fs24\lang2057\langfe1033\langnp2057\insrsid11038291  }{\fs24\lang2057\langfe1033\langnp2057\insrsid14617341\charrsid11038291 
The Articles however do permit the transfer to be \'93in any usual or common form which the Directors shall approve\'94 [Art. 29].}{\fs24\lang2057\langfe1033\langnp2057\insrsid11038291  }{
\fs24\lang2057\langfe1033\langnp2057\insrsid14617341\charrsid11038291 
\par Indeed in }{\i\fs24\lang2057\langfe1033\langnp2057\insrsid14617341\charrsid11038291 Paradise Motor Co}{\fs24\lang2057\langfe1033\langnp2057\insrsid14617341\charrsid11038291  the Court of Appeal said (at p1141A):
\par 
\par }\pard \ql \li720\ri0\widctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin720\itap0\pararsid6709950 {\fs24\insrsid14617341\charrsid6709950 \'93We do not, however, consider that a \'93proper instrument\'94
 necessarily means an instrument complying with the formalities prescribed by the articles;\'94
\par }\pard \ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid11038291 {\fs24\lang2057\langfe1033\langnp2057\insrsid14617341\charrsid11038291 
\par [32] \tab There has been substantial compliance here.}{\fs24\lang2057\langfe1033\langnp2057\insrsid11038291  }{\fs24\lang2057\langfe1033\langnp2057\insrsid14617341\charrsid11038291 No shareholder from the remaining 8 had, prior to the transfers, made 
any objection and clearly all knew about, and were content with the transfers from Ali to Prasad and from Prasad to Masatoshi.}{\fs24\lang2057\langfe1033\langnp2057\insrsid11038291  }{\fs24\lang2057\langfe1033\langnp2057\insrsid14617341\charrsid11038291 
The Directors \'93in their absolute and uncontrolled discretion\'94 never refused to register these transfers of shares.}{\fs24\lang2057\langfe1033\langnp2057\insrsid11038291  }{\fs24\lang2057\langfe1033\langnp2057\insrsid14617341\charrsid11038291 
The lapse of time and Prasad\rquote s inaction have been such that he \'93cannot now be allowed to take advantage of his own failure to procure execution of the transfer\'94 and the rectification of the register:}{
\fs24\lang2057\langfe1033\langnp2057\insrsid11038291  }{\i\fs24\lang2057\langfe1033\langnp2057\insrsid14617341\charrsid11038291 Bargate v Shortridge}{\fs24\lang2057\langfe1033\langnp2057\insrsid14617341\charrsid11038291  [1855] VHLC 286; }{
\i\fs24\lang2057\langfe1033\langnp2057\insrsid14617341\charrsid11038291 Paradise Motor Co}{\fs24\lang2057\langfe1033\langnp2057\insrsid14617341\charrsid11038291  (supra at p1140G) and (at p1140F) where the court commented:
\par 
\par }\pard \ql \li720\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin720\itap0\pararsid11038291 {\fs24\lang2057\langfe1033\langnp2057\insrsid6709950 \'93}{\fs24\lang2057\langfe1033\langnp2057\insrsid14617341\charrsid11038291 
There is plenty of authority for the proposition that neglect of unessential matters on a transfer may not be fatal to the transfer\rquote s validity, and may amount to mere irregularities; see Buckley on The Compa
nies Acts, 13th ed. (1957), pp. 810-811, in the notes to article 22 of}{\fs24\lang2057\langfe1033\langnp2057\insrsid11038291  }{\fs24\lang2057\langfe1033\langnp2057\insrsid14617341\charrsid11038291 table \'93A.\'94
\par }\pard \ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid11038291 {\fs24\lang2057\langfe1033\langnp2057\insrsid14617341\charrsid11038291 
\par [33] \tab If the company had decided to refuse to register Masatoshi as the new owner of Prasad\rquote s shares, it should have issued to the transferee a notice of refusal within 60 days of lodgment [section 82].}{
\fs24\lang2057\langfe1033\langnp2057\insrsid11038291  }{\fs24\lang2057\langfe1033\langnp2057\insrsid14617341\charrsid11038291 
This never occurred, and there is no reason to suppose any of the members wished to object to the registration at the time of lodgment.}{\fs24\lang2057\langfe1033\langnp2057\insrsid11038291  }{
\fs24\lang2057\langfe1033\langnp2057\insrsid14617341\charrsid11038291 The omission to fulfil stamp duty requirements has been rectified, and that initial defect did not trigger any Notice of Refusal.
\par 
\par [34] \tab As I have stated, the register of members has never been exhibited by the Defendants.}{\fs24\lang2057\langfe1033\langnp2057\insrsid11038291  }{\fs24\lang2057\langfe1033\langnp2057\insrsid14617341\charrsid11038291 I am not prepared to accept seco
ndary evidence of its contents, not least since the register had been taken deceitfully by the Defendants from the registered office and no satisfactory reason has been produced to explain its lack of production now.}{
\fs24\lang2057\langfe1033\langnp2057\insrsid11038291  }{\fs24\lang2057\langfe1033\langnp2057\insrsid14617341\charrsid11038291 If therefore registration had not been 
made following the lodgment of these transfers, I find that both Prasad and Masatoshi in turn, were entitled to be registered and would have succeeded had an application for rectification been made under section 120 of the Act.}{
\fs24\lang2057\langfe1033\langnp2057\insrsid11038291  }{\fs24\lang2057\langfe1033\langnp2057\insrsid14617341\charrsid11038291 As against the other members of the company Masatoshi\rquote 
s increased shareholding, the additional 10,000 shares, could not be denied : cf }{\i\fs24\lang2057\langfe1033\langnp2057\insrsid14617341\charrsid11038291 Roots v Williamson}{\fs24\lang2057\langfe1033\langnp2057\insrsid14617341\charrsid11038291 
 [1888] Ch.D 485, where the transfer was inchoate and the Defendants had not acquired \'93an absolute and unconditional right to be registered as shareholders: or }{\i\fs24\lang2057\langfe1033\langnp2057\insrsid14617341\charrsid11038291 
Smith v The Wellington Woollen Manufacturing Company (Limited)}{\fs24\lang2057\langfe1033\langnp2057\insrsid14617341\charrsid11038291  [1888] Vol. VI SC 654 where there had been a failure to follow the court\rquote 
s order to re-present the instrument of transfer to achieve rectification.
\par 
\par [35] \tab It has also been submitted that the procedure for transfer of shares had not been followed, that is that there had been a denial of pre-emptive rights.}{\fs24\lang2057\langfe1033\langnp2057\insrsid11038291  }{
\fs24\lang2057\langfe1033\langnp2057\insrsid14617341\charrsid11038291 Art. 28 provides:
\par 
\par {\pntext\pard\plain\lang2057\langfe1033\langnp2057\insrsid14617341\charrsid11038291 \hich\af0\dbch\af0\loch\f0 28.\tab}}\pard \ql \li720\ri0\nowidctlpar\wrapdefault{\*\pn \pnlvlbody\ilvl0\ls28\pnrnot0\pndec\pnstart28\pnindent360\pnsp120\pnhang 
{\pntxta .}}\aspalpha\aspnum\faauto\ls28\adjustright\rin0\lin720\itap0\pararsid6709950 {\fs24\lang2057\langfe1033\langnp2057\insrsid14617341\charrsid11038291 Any shareholder may transfer his share or shares in the Company to any other person provi
ded however such shareholder shall give a first option to the other shareholder of the Company to purchase the same at a price or on terms agreed between the parties.}{\fs24\lang2057\langfe1033\langnp2057\insrsid11038291  }{
\fs24\lang2057\langfe1033\langnp2057\insrsid14617341\charrsid11038291 If no agreement is reached within three months of transferor\rquote s offer, the matter shall be determined in accordance with the Arbitration Ordinance Cap. 30.\'94 \'85.
\par }\pard \ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid11038291 {\fs24\lang2057\langfe1033\langnp2057\insrsid14617341\charrsid11038291 
\par [36] \tab In this case when Prasad failed to come up with the money, the shares were offered to Masatoshi.}{\fs24\lang2057\langfe1033\langnp2057\insrsid11038291  }{\fs24\lang2057\langfe1033\langnp2057\insrsid14617341\charrsid11038291 
Of the 3 Defendants, Prasad can hardly avail himself of such an argument because on his evidence he transferred his shares to Masatoshi also in breach of the pre-emptive rights of the other shareholders.}{
\fs24\lang2057\langfe1033\langnp2057\insrsid11038291  }{\fs24\lang2057\langfe1033\langnp2057\insrsid14617341\charrsid11038291 Chaudhary did not hold shares at the time (1993) and so has not had his rights infringed by this transfer.}{
\fs24\lang2057\langfe1033\langnp2057\insrsid11038291  }{\fs24\lang2057\langfe1033\langnp2057\insrsid14617341\charrsid11038291 Lastly, Thompson [3rd Defen
dant] who did not give evidence made no claim that he had wished to take up the shares or that he has been denied his rights thereby.
\par 
\par [37] \tab }{\i\fs24\lang2057\langfe1033\langnp2057\insrsid14617341\charrsid11038291 Curtis v J.J. Curtis & Co Ltd }{\fs24\lang2057\langfe1033\langnp2057\insrsid14617341\charrsid11038291 
[1984] 2 NZLR 267 to which Mr Ram referred me was a case in which there had not been substantial compliance with the procedure laid down in the Articles as to offers to members before a retiring member could be at liberty to sell.}{
\fs24\lang2057\langfe1033\langnp2057\insrsid11038291  }{\fs24\lang2057\langfe1033\langnp2057\insrsid14617341\charrsid11038291 In that company it was provided that the Directors had 1 month in which to find \'93a member or members or person selected\'94
 willing to purchase the shares.}{\fs24\lang2057\langfe1033\langnp2057\insrsid11038291  }{\fs24\lang2057\langfe1033\langnp2057\insrsid14617341\charrsid11038291 There was a detailed procedure to be followed.}{
\fs24\lang2057\langfe1033\langnp2057\insrsid11038291  }{\fs24\lang2057\langfe1033\langnp2057\insrsid14617341\charrsid11038291 No such procedu}{\fs24\lang2057\langfe1033\langnp2057\insrsid6709950 re is laid down here by Art. 28 }{
\fs24\lang2057\langfe1033\langnp2057\insrsid14617341\charrsid11038291 however.
\par 
\par [38] \tab In the instant case the sale was to an existing member, and the transfer was not a typical transfer.}{\fs24\lang2057\langfe1033\langnp2057\insrsid11038291  }{\fs24\lang2057\langfe1033\langnp2057\insrsid14617341\charrsid11038291 
It was more in the nature of a re-allocation after the 2 existing subscribers had decided to widen membership upon the operational start-up of the company.}{\fs24\lang2057\langfe1033\langnp2057\insrsid11038291  }{
\fs24\lang2057\langfe1033\langnp2057\insrsid14617341\charrsid11038291 Ali parted with the shares to Prasad who could not take them up and the re-allocation went instead to Masatoshi.}{\fs24\lang2057\langfe1033\langnp2057\insrsid11038291  }{
\fs24\lang2057\langfe1033\langnp2057\insrsid14617341\charrsid11038291 Since it was resolved at the meeting of shareholders of 12 January 1993 that each subscriber should shed 10,000 shares, the take up of shares by Prasad must hav
e been known and approved by the meeting.}{\fs24\lang2057\langfe1033\langnp2057\insrsid11038291  }{\fs24\lang2057\langfe1033\langnp2057\insrsid14617341\charrsid11038291 
In finding no other shareholder was denied rights of pre-emption, I note the time that had since elapsed in which the transfer had been accepted by the other shareholders and never disputed.
\par }\pard \ql \li0\ri0\widctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid6709950 {\b\fs24\insrsid14617341\charrsid6709950 
\par }\pard \ql \li0\ri0\widctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid1457508 {\b\fs24\insrsid14617341\charrsid6709950 The Register
\par }\pard \ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid11038291 {\fs24\lang2057\langfe1033\langnp2057\insrsid14617341\charrsid11038291 
\par [39] \tab For whatever reason the Defendants who have present custody of the register of members have failed to place it before the court.}{\fs24\lang2057\langfe1033\langnp2057\insrsid11038291  }{
\fs24\lang2057\langfe1033\langnp2057\insrsid14617341\charrsid11038291 It was taken from the registered office by the Defendants in breach of section 114(2) of the Companies Act.}{\fs24\lang2057\langfe1033\langnp2057\insrsid11038291  }{
\fs24\lang2057\langfe1033\langnp2057\insrsid14617341\charrsid11038291 The register of members is by virtue of section 122 of the Act to be accepted as prima facie evidence of matters \'93by this Act directed or authorized to be inserted therein\'94.}{
\fs24\lang2057\langfe1033\langnp2057\insrsid11038291  }{\fs24\lang2057\langfe1033\langnp2057\insrsid14617341\charrsid11038291 A company has a duty to keep the register and to make certain entries in it [section 114].}{
\fs24\lang2057\langfe1033\langnp2057\insrsid11038291  }{\fs24\lang2057\langfe1033\langnp2057\insrsid14617341\charrsid11038291 Section 120 empowers a court upon application to rectify the register.}{\fs24\lang2057\langfe1033\langnp2057\insrsid11038291  }{
\fs24\lang2057\langfe1033\langnp2057\insrsid14617341\charrsid11038291 In }{\i\fs24\lang2057\langfe1033\langnp2057\insrsid14617341\charrsid11038291 Reese River Silver}{\i\fs24\lang2057\langfe1033\langnp2057\insrsid11038291  }{
\i\fs24\lang2057\langfe1033\langnp2057\insrsid14617341\charrsid11038291 Mining Co v Smith }{\fs24\lang2057\langfe1033\langnp2057\insrsid14617341\charrsid11038291 [1869] LR 4 H.L. 64 Lord Hatherley LC said (at p75):
\par 
\par }\pard \ql \li720\ri0\widctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin720\itap0\pararsid6709950 {\fs24\insrsid6709950\charrsid6709950 \'93The}{\fs24\insrsid14617341\charrsid6709950 
 Legislature, therefore, having given the Court the power, it seems to me that it is perfectly competent to the Court to place this list in the condition in which it ought to have been.}{\fs24\insrsid11038291\charrsid6709950  }{
\fs24\insrsid14617341\charrsid6709950 It ought to have been corrected by the directors without a suit.\'94
\par }\pard\plain \s20\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid11038291 \fs24\lang1033\langfe1033\cgrid\langnp1033\langfenp1033 {\lang2057\langfe1033\langnp2057\insrsid14617341\charrsid11038291 
\par }\pard\plain \ql \li0\ri0\widctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid6709950 \fs20\lang1033\langfe1033\cgrid\langnp1033\langfenp1033 {\fs24\insrsid14617341\charrsid6709950 [40] \tab Lord Cairns also observed (at p80):

\par }\pard\plain \s20\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid11038291 \fs24\lang1033\langfe1033\cgrid\langnp1033\langfenp1033 {\lang2057\langfe1033\langnp2057\insrsid14617341\charrsid11038291 
\par }\pard\plain \ql \li720\ri0\widctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin720\itap0\pararsid6709950 \fs20\lang1033\langfe1033\cgrid\langnp1033\langfenp1033 {\fs24\insrsid14617341\charrsid6709950 \'93Ther
e are also cases, especially those pointed out in the 85th section, where there has been a default, in the performance, by the executive of the company, of its duty in removing names after the owners of those names have ceased to be shareholders: there ag
ain the register is not conclusive.\'94
\par }\pard\plain \s20\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid11038291 \fs24\lang1033\langfe1033\cgrid\langnp1033\langfenp1033 {\lang2057\langfe1033\langnp2057\insrsid14617341\charrsid11038291 
\par }\pard\plain \ql \li0\ri0\widctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid6709950 \fs20\lang1033\langfe1033\cgrid\langnp1033\langfenp1033 {\fs24\insrsid14617341\charrsid6709950 
In default of its production, the register cannot form part of the available evidence to decide this matter.}{\fs24\insrsid11038291\charrsid6709950  }{\fs24\insrsid14617341\charrsid6709950 
Instead other relevant extrinsic evidence must be considered of the shareholding.
\par 
\par [41] \tab A certificate under the common seal of the company which specifies the number of shares held by any member shall constitute prima facie evidence of the title of the member to such shares [section 85 and Shropshire Union Canal Co supra at p509].}
{\fs24\insrsid11038291\charrsid6709950  }{\fs24\insrsid14617341\charrsid6709950 However if mistakes are made in 
the register or share certificates are issued in error, particularly as between members of the company, the court will look for the true position, outside of and regardless of, the register or the certificate.
\par 
\par }\pard \ql \li0\ri0\widctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid1457508 {\b\fs24\insrsid14617341\charrsid6709950 Shareholdings of Thompson and Chaudhary
\par }\pard\plain \s20\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid11038291 \fs24\lang1033\langfe1033\cgrid\langnp1033\langfenp1033 {\lang2057\langfe1033\langnp2057\insrsid14617341\charrsid11038291 
\par }\pard\plain \ql \li0\ri0\widctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid6709950 \fs20\lang1033\langfe1033\cgrid\langnp1033\langfenp1033 {\fs24\insrsid14617341\charrsid6709950 [42] \tab 
Chaudhary would today have held 40,000 shares.}{\fs24\insrsid11038291\charrsid6709950  }{\fs24\insrsid14617341\charrsid6709950 The Plaintiffs\rquote 
 submission that he had failed to pay for all of his block and therefore could only be counted for his entitlement of 8,000 shares cannot be accepted.}{\fs24\insrsid11038291\charrsid6709950  }{\fs24\insrsid14617341\charrsid6709950 
The procedure for forfeiture of shares pursuant to Articles 17-23 has not been shown to me as having been put into effect.}{\fs24\insrsid11038291\charrsid6709950  }{\fs24\insrsid14617341\charrsid6709950 
His exclusion from the Return of Allotments is not decisive.}{\fs24\insrsid11038291\charrsid6709950  }{\fs24\insrsid14617341\charrsid6709950 I therefore hold Chaudhary\rquote 
s shareholding to remain at 40,000 shares, until such time as that procedure is instituted.}{\fs24\insrsid11038291\charrsid6709950  }{\fs24\insrsid14617341\charrsid6709950 Thompson\rquote 
s is a shareholding, as corrected, of 40,000 shares as also is Urwin\rquote s.
\par 
\par [43] \tab The shareholdings are}{\fs24\insrsid11038291\charrsid6709950  }{\fs24\insrsid14617341\charrsid6709950 as follows:
\par }\pard\plain \s20\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid11038291 \fs24\lang1033\langfe1033\cgrid\langnp1033\langfenp1033 {\lang2057\langfe1033\langnp2057\insrsid14617341\charrsid11038291 
\par }\trowd \irow0\irowband0\ts22\trgaph108\trleft630\trbrdrt\brdrs\brdrw10 \trbrdrl\brdrs\brdrw10 \trbrdrb\brdrs\brdrw10 \trbrdrr\brdrs\brdrw10 \trbrdrh\brdrs\brdrw10 \trbrdrv\brdrs\brdrw10 
\trftsWidth1\trftsWidthB3\trftsWidthA3\trautofit1\trpaddl108\trpaddr108\trpaddfl3\trpaddft3\trpaddfb3\trpaddfr3\tbllkhdrrows\tbllklastrow\tbllkhdrcols\tbllklastcol\tblind738\tblindtype3 \clvertalt\clbrdrt\brdrs\brdrw10 \clbrdrl\brdrs\brdrw10 \clbrdrb
\brdrs\brdrw10 \clbrdrr\brdrs\brdrw10 \cltxlrtb\clftsWidth3\clwWidth3240\clshdrawnil \cellx3870\clvertalt\clbrdrt\brdrs\brdrw10 \clbrdrl\brdrs\brdrw10 \clbrdrb\brdrs\brdrw10 \clbrdrr\brdrs\brdrw10 \cltxlrtb\clftsWidth3\clwWidth3240\clshdrawnil \cellx7110
\pard\plain \ql \li0\ri0\widctlpar\intbl\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\pararsid3234494\yts22 \fs20\lang1033\langfe1033\cgrid\langnp1033\langfenp1033 {\fs24\insrsid787499\charrsid787499 Abbas Ali}{
\lang2057\langfe1033\langnp2057\insrsid787499\charrsid787499 \cell }{\fs24\insrsid787499\charrsid787499 40,000}{\fs24\insrsid787499 
\par }{\fs24\insrsid7478676\charrsid787499 \cell }\pard\plain \ql \li0\ri0\widctlpar\intbl\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0 \fs20\lang1033\langfe1033\cgrid\langnp1033\langfenp1033 {\fs24\insrsid787499\charrsid787499 
\trowd \irow0\irowband0\ts22\trgaph108\trleft630\trbrdrt\brdrs\brdrw10 \trbrdrl\brdrs\brdrw10 \trbrdrb\brdrs\brdrw10 \trbrdrr\brdrs\brdrw10 \trbrdrh\brdrs\brdrw10 \trbrdrv\brdrs\brdrw10 
\trftsWidth1\trftsWidthB3\trftsWidthA3\trautofit1\trpaddl108\trpaddr108\trpaddfl3\trpaddft3\trpaddfb3\trpaddfr3\tbllkhdrrows\tbllklastrow\tbllkhdrcols\tbllklastcol\tblind738\tblindtype3 \clvertalt\clbrdrt\brdrs\brdrw10 \clbrdrl\brdrs\brdrw10 \clbrdrb
\brdrs\brdrw10 \clbrdrr\brdrs\brdrw10 \cltxlrtb\clftsWidth3\clwWidth3240\clshdrawnil \cellx3870\clvertalt\clbrdrt\brdrs\brdrw10 \clbrdrl\brdrs\brdrw10 \clbrdrb\brdrs\brdrw10 \clbrdrr\brdrs\brdrw10 \cltxlrtb\clftsWidth3\clwWidth3240\clshdrawnil \cellx7110
\row }\pard\plain \ql \li0\ri0\widctlpar\intbl\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\pararsid3234494\yts22 \fs20\lang1033\langfe1033\cgrid\langnp1033\langfenp1033 {\fs24\insrsid787499\charrsid787499 Saiyed}{\fs24\insrsid787499  }{
\fs24\insrsid787499\charrsid787499 Hussein\cell 40,000}{\fs24\insrsid787499 
\par }{\fs24\insrsid7478676\charrsid787499 \cell }\pard\plain \ql \li0\ri0\widctlpar\intbl\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0 \fs20\lang1033\langfe1033\cgrid\langnp1033\langfenp1033 {\fs24\insrsid787499\charrsid787499 
\trowd \irow1\irowband1\ts22\trgaph108\trleft630\trbrdrt\brdrs\brdrw10 \trbrdrl\brdrs\brdrw10 \trbrdrb\brdrs\brdrw10 \trbrdrr\brdrs\brdrw10 \trbrdrh\brdrs\brdrw10 \trbrdrv\brdrs\brdrw10 
\trftsWidth1\trftsWidthB3\trftsWidthA3\trautofit1\trpaddl108\trpaddr108\trpaddfl3\trpaddft3\trpaddfb3\trpaddfr3\tbllkhdrrows\tbllklastrow\tbllkhdrcols\tbllklastcol\tblind738\tblindtype3 \clvertalt\clbrdrt\brdrs\brdrw10 \clbrdrl\brdrs\brdrw10 \clbrdrb
\brdrs\brdrw10 \clbrdrr\brdrs\brdrw10 \cltxlrtb\clftsWidth3\clwWidth3240\clshdrawnil \cellx3870\clvertalt\clbrdrt\brdrs\brdrw10 \clbrdrl\brdrs\brdrw10 \clbrdrb\brdrs\brdrw10 \clbrdrr\brdrs\brdrw10 \cltxlrtb\clftsWidth3\clwWidth3240\clshdrawnil \cellx7110
\row }\pard\plain \ql \li0\ri0\widctlpar\intbl\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\pararsid3234494\yts22 \fs20\lang1033\langfe1033\cgrid\langnp1033\langfenp1033 {\fs24\insrsid787499\charrsid787499 Masatoshi Kayano}{
\fs24\insrsid787499 
\par }{\fs24\insrsid7478676\charrsid787499 \cell }{\fs24\insrsid787499\charrsid787499 40,000\cell }\pard\plain \ql \li0\ri0\widctlpar\intbl\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0 \fs20\lang1033\langfe1033\cgrid\langnp1033\langfenp1033 {
\fs24\insrsid787499\charrsid787499 \trowd \irow2\irowband2\ts22\trgaph108\trleft630\trbrdrt\brdrs\brdrw10 \trbrdrl\brdrs\brdrw10 \trbrdrb\brdrs\brdrw10 \trbrdrr\brdrs\brdrw10 \trbrdrh\brdrs\brdrw10 \trbrdrv\brdrs\brdrw10 
\trftsWidth1\trftsWidthB3\trftsWidthA3\trautofit1\trpaddl108\trpaddr108\trpaddfl3\trpaddft3\trpaddfb3\trpaddfr3\tbllkhdrrows\tbllklastrow\tbllkhdrcols\tbllklastcol\tblind738\tblindtype3 \clvertalt\clbrdrt\brdrs\brdrw10 \clbrdrl\brdrs\brdrw10 \clbrdrb
\brdrs\brdrw10 \clbrdrr\brdrs\brdrw10 \cltxlrtb\clftsWidth3\clwWidth3240\clshdrawnil \cellx3870\clvertalt\clbrdrt\brdrs\brdrw10 \clbrdrl\brdrs\brdrw10 \clbrdrb\brdrs\brdrw10 \clbrdrr\brdrs\brdrw10 \cltxlrtb\clftsWidth3\clwWidth3240\clshdrawnil \cellx7110
\row }\pard\plain \ql \li0\ri0\widctlpar\intbl\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\pararsid3234494\yts22 \fs20\lang1033\langfe1033\cgrid\langnp1033\langfenp1033 {\fs24\insrsid787499\charrsid787499 Fumiyo Kayano\cell 40,000}{
\fs24\insrsid787499 
\par }{\fs24\insrsid7478676\charrsid787499 \cell }\pard\plain \ql \li0\ri0\widctlpar\intbl\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0 \fs20\lang1033\langfe1033\cgrid\langnp1033\langfenp1033 {\fs24\insrsid787499\charrsid787499 
\trowd \irow3\irowband3\ts22\trgaph108\trleft630\trbrdrt\brdrs\brdrw10 \trbrdrl\brdrs\brdrw10 \trbrdrb\brdrs\brdrw10 \trbrdrr\brdrs\brdrw10 \trbrdrh\brdrs\brdrw10 \trbrdrv\brdrs\brdrw10 
\trftsWidth1\trftsWidthB3\trftsWidthA3\trautofit1\trpaddl108\trpaddr108\trpaddfl3\trpaddft3\trpaddfb3\trpaddfr3\tbllkhdrrows\tbllklastrow\tbllkhdrcols\tbllklastcol\tblind738\tblindtype3 \clvertalt\clbrdrt\brdrs\brdrw10 \clbrdrl\brdrs\brdrw10 \clbrdrb
\brdrs\brdrw10 \clbrdrr\brdrs\brdrw10 \cltxlrtb\clftsWidth3\clwWidth3240\clshdrawnil \cellx3870\clvertalt\clbrdrt\brdrs\brdrw10 \clbrdrl\brdrs\brdrw10 \clbrdrb\brdrs\brdrw10 \clbrdrr\brdrs\brdrw10 \cltxlrtb\clftsWidth3\clwWidth3240\clshdrawnil \cellx7110
\row }\pard\plain \ql \li0\ri0\widctlpar\intbl\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\pararsid3234494\yts22 \fs20\lang1033\langfe1033\cgrid\langnp1033\langfenp1033 {\fs24\insrsid787499\charrsid787499 Edward J. Henry Thompson\cell }{
\fs24\insrsid7478676\charrsid787499 40,000}{\fs24\insrsid787499 
\par }{\fs24\insrsid7478676\charrsid787499 \cell }\pard\plain \ql \li0\ri0\widctlpar\intbl\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0 \fs20\lang1033\langfe1033\cgrid\langnp1033\langfenp1033 {\fs24\insrsid787499\charrsid787499 
\trowd \irow4\irowband4\ts22\trgaph108\trleft630\trbrdrt\brdrs\brdrw10 \trbrdrl\brdrs\brdrw10 \trbrdrb\brdrs\brdrw10 \trbrdrr\brdrs\brdrw10 \trbrdrh\brdrs\brdrw10 \trbrdrv\brdrs\brdrw10 
\trftsWidth1\trftsWidthB3\trftsWidthA3\trautofit1\trpaddl108\trpaddr108\trpaddfl3\trpaddft3\trpaddfb3\trpaddfr3\tbllkhdrrows\tbllklastrow\tbllkhdrcols\tbllklastcol\tblind738\tblindtype3 \clvertalt\clbrdrt\brdrs\brdrw10 \clbrdrl\brdrs\brdrw10 \clbrdrb
\brdrs\brdrw10 \clbrdrr\brdrs\brdrw10 \cltxlrtb\clftsWidth3\clwWidth3240\clshdrawnil \cellx3870\clvertalt\clbrdrt\brdrs\brdrw10 \clbrdrl\brdrs\brdrw10 \clbrdrb\brdrs\brdrw10 \clbrdrr\brdrs\brdrw10 \cltxlrtb\clftsWidth3\clwWidth3240\clshdrawnil \cellx7110
\row }\pard\plain \ql \li0\ri0\widctlpar\intbl\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\pararsid3234494\yts22 \fs20\lang1033\langfe1033\cgrid\langnp1033\langfenp1033 {\fs24\insrsid7478676\charrsid787499 Umendra Jit Chaudhary}{
\fs24\insrsid787499\charrsid787499 \cell }{\fs24\insrsid7478676\charrsid787499 40,000}{\fs24\insrsid787499 
\par }{\fs24\insrsid7478676\charrsid787499 \cell }\pard\plain \ql \li0\ri0\widctlpar\intbl\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0 \fs20\lang1033\langfe1033\cgrid\langnp1033\langfenp1033 {\fs24\insrsid787499\charrsid787499 
\trowd \irow5\irowband5\ts22\trgaph108\trleft630\trbrdrt\brdrs\brdrw10 \trbrdrl\brdrs\brdrw10 \trbrdrb\brdrs\brdrw10 \trbrdrr\brdrs\brdrw10 \trbrdrh\brdrs\brdrw10 \trbrdrv\brdrs\brdrw10 
\trftsWidth1\trftsWidthB3\trftsWidthA3\trautofit1\trpaddl108\trpaddr108\trpaddfl3\trpaddft3\trpaddfb3\trpaddfr3\tbllkhdrrows\tbllklastrow\tbllkhdrcols\tbllklastcol\tblind738\tblindtype3 \clvertalt\clbrdrt\brdrs\brdrw10 \clbrdrl\brdrs\brdrw10 \clbrdrb
\brdrs\brdrw10 \clbrdrr\brdrs\brdrw10 \cltxlrtb\clftsWidth3\clwWidth3240\clshdrawnil \cellx3870\clvertalt\clbrdrt\brdrs\brdrw10 \clbrdrl\brdrs\brdrw10 \clbrdrb\brdrs\brdrw10 \clbrdrr\brdrs\brdrw10 \cltxlrtb\clftsWidth3\clwWidth3240\clshdrawnil \cellx7110
\row }\pard\plain \ql \li0\ri0\widctlpar\intbl\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\pararsid3234494\yts22 \fs20\lang1033\langfe1033\cgrid\langnp1033\langfenp1033 {\fs24\insrsid7478676\charrsid787499 Richard James Urwin}{
\fs24\insrsid787499\charrsid787499 \cell }{\fs24\insrsid7478676\charrsid787499 40,000}{\fs24\insrsid787499 
\par }{\fs24\insrsid7478676\charrsid787499 \cell }\pard\plain \ql \li0\ri0\widctlpar\intbl\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0 \fs20\lang1033\langfe1033\cgrid\langnp1033\langfenp1033 {\fs24\insrsid787499\charrsid787499 
\trowd \irow6\irowband6\ts22\trgaph108\trleft630\trbrdrt\brdrs\brdrw10 \trbrdrl\brdrs\brdrw10 \trbrdrb\brdrs\brdrw10 \trbrdrr\brdrs\brdrw10 \trbrdrh\brdrs\brdrw10 \trbrdrv\brdrs\brdrw10 
\trftsWidth1\trftsWidthB3\trftsWidthA3\trautofit1\trpaddl108\trpaddr108\trpaddfl3\trpaddft3\trpaddfb3\trpaddfr3\tbllkhdrrows\tbllklastrow\tbllkhdrcols\tbllklastcol\tblind738\tblindtype3 \clvertalt\clbrdrt\brdrs\brdrw10 \clbrdrl\brdrs\brdrw10 \clbrdrb
\brdrs\brdrw10 \clbrdrr\brdrs\brdrw10 \cltxlrtb\clftsWidth3\clwWidth3240\clshdrawnil \cellx3870\clvertalt\clbrdrt\brdrs\brdrw10 \clbrdrl\brdrs\brdrw10 \clbrdrb\brdrs\brdrw10 \clbrdrr\brdrs\brdrw10 \cltxlrtb\clftsWidth3\clwWidth3240\clshdrawnil \cellx7110
\row }\pard\plain \ql \li0\ri0\widctlpar\intbl\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\pararsid3234494\yts22 \fs20\lang1033\langfe1033\cgrid\langnp1033\langfenp1033 {\fs24\insrsid7478676\charrsid787499 Mataqali Votuburu}{
\fs24\insrsid787499\charrsid787499 \cell }{\fs24\insrsid7478676\charrsid787499 11,000}{\fs24\insrsid787499 
\par }{\fs24\insrsid7478676\charrsid787499 \cell }\pard\plain \ql \li0\ri0\widctlpar\intbl\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0 \fs20\lang1033\langfe1033\cgrid\langnp1033\langfenp1033 {\fs24\insrsid787499\charrsid787499 
\trowd \irow7\irowband7\ts22\trgaph108\trleft630\trbrdrt\brdrs\brdrw10 \trbrdrl\brdrs\brdrw10 \trbrdrb\brdrs\brdrw10 \trbrdrr\brdrs\brdrw10 \trbrdrh\brdrs\brdrw10 \trbrdrv\brdrs\brdrw10 
\trftsWidth1\trftsWidthB3\trftsWidthA3\trautofit1\trpaddl108\trpaddr108\trpaddfl3\trpaddft3\trpaddfb3\trpaddfr3\tbllkhdrrows\tbllklastrow\tbllkhdrcols\tbllklastcol\tblind738\tblindtype3 \clvertalt\clbrdrt\brdrs\brdrw10 \clbrdrl\brdrs\brdrw10 \clbrdrb
\brdrs\brdrw10 \clbrdrr\brdrs\brdrw10 \cltxlrtb\clftsWidth3\clwWidth3240\clshdrawnil \cellx3870\clvertalt\clbrdrt\brdrs\brdrw10 \clbrdrl\brdrs\brdrw10 \clbrdrb\brdrs\brdrw10 \clbrdrr\brdrs\brdrw10 \cltxlrtb\clftsWidth3\clwWidth3240\clshdrawnil \cellx7110
\row }\pard\plain \ql \li0\ri0\widctlpar\intbl\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\pararsid3234494\yts22 \fs20\lang1033\langfe1033\cgrid\langnp1033\langfenp1033 {\fs24\insrsid7478676\charrsid787499 Ratu Apisai D. Naevo}{
\fs24\insrsid787499\charrsid787499 \cell }{\fs24\insrsid7478676\charrsid787499 4,000}{\fs24\insrsid787499 
\par }{\fs24\insrsid7478676\charrsid787499 \cell }\pard\plain \ql \li0\ri0\widctlpar\intbl\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0 \fs20\lang1033\langfe1033\cgrid\langnp1033\langfenp1033 {\fs24\insrsid787499\charrsid787499 
\trowd \irow8\irowband8\ts22\trgaph108\trleft630\trbrdrt\brdrs\brdrw10 \trbrdrl\brdrs\brdrw10 \trbrdrb\brdrs\brdrw10 \trbrdrr\brdrs\brdrw10 \trbrdrh\brdrs\brdrw10 \trbrdrv\brdrs\brdrw10 
\trftsWidth1\trftsWidthB3\trftsWidthA3\trautofit1\trpaddl108\trpaddr108\trpaddfl3\trpaddft3\trpaddfb3\trpaddfr3\tbllkhdrrows\tbllklastrow\tbllkhdrcols\tbllklastcol\tblind738\tblindtype3 \clvertalt\clbrdrt\brdrs\brdrw10 \clbrdrl\brdrs\brdrw10 \clbrdrb
\brdrs\brdrw10 \clbrdrr\brdrs\brdrw10 \cltxlrtb\clftsWidth3\clwWidth3240\clshdrawnil \cellx3870\clvertalt\clbrdrt\brdrs\brdrw10 \clbrdrl\brdrs\brdrw10 \clbrdrb\brdrs\brdrw10 \clbrdrr\brdrs\brdrw10 \cltxlrtb\clftsWidth3\clwWidth3240\clshdrawnil \cellx7110
\row }\pard\plain \ql \li0\ri0\widctlpar\intbl\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\pararsid3234494\yts22 \fs20\lang1033\langfe1033\cgrid\langnp1033\langfenp1033 {\fs24\insrsid7478676\charrsid787499 Jai Prasad}{
\fs24\insrsid787499\charrsid787499 \cell }{\fs24\insrsid7478676\charrsid787499 20,000}{\fs24\insrsid787499 
\par }{\fs24\insrsid7478676\charrsid787499 \cell }\pard\plain \ql \li0\ri0\widctlpar\intbl\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0 \fs20\lang1033\langfe1033\cgrid\langnp1033\langfenp1033 {\fs24\insrsid787499\charrsid787499 
\trowd \irow9\irowband9\lastrow \ts22\trgaph108\trleft630\trbrdrt\brdrs\brdrw10 \trbrdrl\brdrs\brdrw10 \trbrdrb\brdrs\brdrw10 \trbrdrr\brdrs\brdrw10 \trbrdrh\brdrs\brdrw10 \trbrdrv\brdrs\brdrw10 
\trftsWidth1\trftsWidthB3\trftsWidthA3\trautofit1\trpaddl108\trpaddr108\trpaddfl3\trpaddft3\trpaddfb3\trpaddfr3\tbllkhdrrows\tbllklastrow\tbllkhdrcols\tbllklastcol\tblind738\tblindtype3 \clvertalt\clbrdrt\brdrs\brdrw10 \clbrdrl\brdrs\brdrw10 \clbrdrb
\brdrs\brdrw10 \clbrdrr\brdrs\brdrw10 \cltxlrtb\clftsWidth3\clwWidth3240\clshdrawnil \cellx3870\clvertalt\clbrdrt\brdrs\brdrw10 \clbrdrl\brdrs\brdrw10 \clbrdrb\brdrs\brdrw10 \clbrdrr\brdrs\brdrw10 \cltxlrtb\clftsWidth3\clwWidth3240\clshdrawnil \cellx7110
\row }\pard \ql \li0\ri0\widctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid10488749 {\fs24\insrsid14617341\charrsid10488749 
\par }\pard \ql \li0\ri0\widctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid7478676 {\fs24\insrsid14617341\charrsid7478676 [44] \tab I make the following orders:
\par }\pard\plain \s20\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid11038291 \fs24\lang1033\langfe1033\cgrid\langnp1033\langfenp1033 {\lang2057\langfe1033\langnp2057\insrsid14617341\charrsid11038291 
\par }\pard\plain \ql \li720\ri0\widctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin720\itap0\pararsid5180112 \fs20\lang1033\langfe1033\cgrid\langnp1033\langfenp1033 {\fs24\insrsid5180112\charrsid5180112 (a)\tab }{
\fs24\insrsid14617341\charrsid5180112 The shareholdings of the members of the Fantasy Company of Fiji Ltd are as follows 
\par }\pard\plain \s20\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid12017023 \fs24\lang1033\langfe1033\cgrid\langnp1033\langfenp1033 {\lang2057\langfe1033\langnp2057\insrsid12017023\charrsid11038291 
\par }\pard\plain \ql \li0\ri0\widctlpar\intbl\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\pararsid14617341\yts22 \fs20\lang1033\langfe1033\cgrid\langnp1033\langfenp1033 {\fs24\insrsid12017023\charrsid14617341 Abbas Ali\cell 40,000\cell 
}\pard\plain \ql \li0\ri0\widctlpar\intbl\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0 \fs20\lang1033\langfe1033\cgrid\langnp1033\langfenp1033 {\fs24\insrsid12017023\charrsid14617341 \trowd \irow0\irowband0\ts22\trgaph108\trleft630\trbrdrt
\brdrs\brdrw10 \trbrdrl\brdrs\brdrw10 \trbrdrb\brdrs\brdrw10 \trbrdrr\brdrs\brdrw10 \trbrdrh\brdrs\brdrw10 \trbrdrv\brdrs\brdrw10 
\trftsWidth1\trftsWidthB3\trftsWidthA3\trautofit1\trpaddl108\trpaddr108\trpaddfl3\trpaddft3\trpaddfb3\trpaddfr3\tbllkhdrrows\tbllklastrow\tbllkhdrcols\tbllklastcol\tblind738\tblindtype3 \clvertalt\clbrdrt\brdrs\brdrw10 \clbrdrl\brdrs\brdrw10 \clbrdrb
\brdrs\brdrw10 \clbrdrr\brdrs\brdrw10 \cltxlrtb\clftsWidth3\clwWidth3240\clshdrawnil \cellx3870\clvertalt\clbrdrt\brdrs\brdrw10 \clbrdrl\brdrs\brdrw10 \clbrdrb\brdrs\brdrw10 \clbrdrr\brdrs\brdrw10 \cltxlrtb\clftsWidth3\clwWidth3240\clshdrawnil \cellx7110
\row }\pard\plain \ql \li0\ri0\widctlpar\intbl\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\pararsid14617341\yts22 \fs20\lang1033\langfe1033\cgrid\langnp1033\langfenp1033 {\fs24\insrsid12017023\charrsid14617341 Saiyed\cell 40,000\cell 
}\pard\plain \ql \li0\ri0\widctlpar\intbl\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0 \fs20\lang1033\langfe1033\cgrid\langnp1033\langfenp1033 {\fs24\insrsid12017023\charrsid14617341 \trowd \irow1\irowband1\ts22\trgaph108\trleft630\trbrdrt
\brdrs\brdrw10 \trbrdrl\brdrs\brdrw10 \trbrdrb\brdrs\brdrw10 \trbrdrr\brdrs\brdrw10 \trbrdrh\brdrs\brdrw10 \trbrdrv\brdrs\brdrw10 
\trftsWidth1\trftsWidthB3\trftsWidthA3\trautofit1\trpaddl108\trpaddr108\trpaddfl3\trpaddft3\trpaddfb3\trpaddfr3\tbllkhdrrows\tbllklastrow\tbllkhdrcols\tbllklastcol\tblind738\tblindtype3 \clvertalt\clbrdrt\brdrs\brdrw10 \clbrdrl\brdrs\brdrw10 \clbrdrb
\brdrs\brdrw10 \clbrdrr\brdrs\brdrw10 \cltxlrtb\clftsWidth3\clwWidth3240\clshdrawnil \cellx3870\clvertalt\clbrdrt\brdrs\brdrw10 \clbrdrl\brdrs\brdrw10 \clbrdrb\brdrs\brdrw10 \clbrdrr\brdrs\brdrw10 \cltxlrtb\clftsWidth3\clwWidth3240\clshdrawnil \cellx7110
\row }\pard\plain \ql \li0\ri0\widctlpar\intbl\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\pararsid14617341\yts22 \fs20\lang1033\langfe1033\cgrid\langnp1033\langfenp1033 {\fs24\insrsid12017023\charrsid14617341 Hussein\cell 40,000\cell 
}\pard\plain \ql \li0\ri0\widctlpar\intbl\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0 \fs20\lang1033\langfe1033\cgrid\langnp1033\langfenp1033 {\fs24\insrsid12017023\charrsid14617341 \trowd \irow2\irowband2\ts22\trgaph108\trleft630\trbrdrt
\brdrs\brdrw10 \trbrdrl\brdrs\brdrw10 \trbrdrb\brdrs\brdrw10 \trbrdrr\brdrs\brdrw10 \trbrdrh\brdrs\brdrw10 \trbrdrv\brdrs\brdrw10 
\trftsWidth1\trftsWidthB3\trftsWidthA3\trautofit1\trpaddl108\trpaddr108\trpaddfl3\trpaddft3\trpaddfb3\trpaddfr3\tbllkhdrrows\tbllklastrow\tbllkhdrcols\tbllklastcol\tblind738\tblindtype3 \clvertalt\clbrdrt\brdrs\brdrw10 \clbrdrl\brdrs\brdrw10 \clbrdrb
\brdrs\brdrw10 \clbrdrr\brdrs\brdrw10 \cltxlrtb\clftsWidth3\clwWidth3240\clshdrawnil \cellx3870\clvertalt\clbrdrt\brdrs\brdrw10 \clbrdrl\brdrs\brdrw10 \clbrdrb\brdrs\brdrw10 \clbrdrr\brdrs\brdrw10 \cltxlrtb\clftsWidth3\clwWidth3240\clshdrawnil \cellx7110
\row }\pard\plain \ql \li0\ri0\widctlpar\intbl\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\pararsid14617341\yts22 \fs20\lang1033\langfe1033\cgrid\langnp1033\langfenp1033 {\fs24\insrsid12017023\charrsid14617341 Masatoshi Kayano\cell 40,000
\cell }\pard\plain \ql \li0\ri0\widctlpar\intbl\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0 \fs20\lang1033\langfe1033\cgrid\langnp1033\langfenp1033 {\fs24\insrsid12017023\charrsid14617341 \trowd \irow3\irowband3\ts22\trgaph108\trleft630
\trbrdrt\brdrs\brdrw10 \trbrdrl\brdrs\brdrw10 \trbrdrb\brdrs\brdrw10 \trbrdrr\brdrs\brdrw10 \trbrdrh\brdrs\brdrw10 \trbrdrv\brdrs\brdrw10 
\trftsWidth1\trftsWidthB3\trftsWidthA3\trautofit1\trpaddl108\trpaddr108\trpaddfl3\trpaddft3\trpaddfb3\trpaddfr3\tbllkhdrrows\tbllklastrow\tbllkhdrcols\tbllklastcol\tblind738\tblindtype3 \clvertalt\clbrdrt\brdrs\brdrw10 \clbrdrl\brdrs\brdrw10 \clbrdrb
\brdrs\brdrw10 \clbrdrr\brdrs\brdrw10 \cltxlrtb\clftsWidth3\clwWidth3240\clshdrawnil \cellx3870\clvertalt\clbrdrt\brdrs\brdrw10 \clbrdrl\brdrs\brdrw10 \clbrdrb\brdrs\brdrw10 \clbrdrr\brdrs\brdrw10 \cltxlrtb\clftsWidth3\clwWidth3240\clshdrawnil \cellx7110
\row }\pard\plain \ql \li0\ri0\widctlpar\intbl\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\pararsid14617341\yts22 \fs20\lang1033\langfe1033\cgrid\langnp1033\langfenp1033 {\fs24\insrsid12017023\charrsid14617341 Fumiyo Kayano\cell 40,000\cell 
}\pard\plain \ql \li0\ri0\widctlpar\intbl\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0 \fs20\lang1033\langfe1033\cgrid\langnp1033\langfenp1033 {\fs24\insrsid12017023\charrsid14617341 \trowd \irow4\irowband4\ts22\trgaph108\trleft630\trbrdrt
\brdrs\brdrw10 \trbrdrl\brdrs\brdrw10 \trbrdrb\brdrs\brdrw10 \trbrdrr\brdrs\brdrw10 \trbrdrh\brdrs\brdrw10 \trbrdrv\brdrs\brdrw10 
\trftsWidth1\trftsWidthB3\trftsWidthA3\trautofit1\trpaddl108\trpaddr108\trpaddfl3\trpaddft3\trpaddfb3\trpaddfr3\tbllkhdrrows\tbllklastrow\tbllkhdrcols\tbllklastcol\tblind738\tblindtype3 \clvertalt\clbrdrt\brdrs\brdrw10 \clbrdrl\brdrs\brdrw10 \clbrdrb
\brdrs\brdrw10 \clbrdrr\brdrs\brdrw10 \cltxlrtb\clftsWidth3\clwWidth3240\clshdrawnil \cellx3870\clvertalt\clbrdrt\brdrs\brdrw10 \clbrdrl\brdrs\brdrw10 \clbrdrb\brdrs\brdrw10 \clbrdrr\brdrs\brdrw10 \cltxlrtb\clftsWidth3\clwWidth3240\clshdrawnil \cellx7110
\row }\pard\plain \ql \li0\ri0\widctlpar\intbl\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\pararsid14617341\yts22 \fs20\lang1033\langfe1033\cgrid\langnp1033\langfenp1033 {\fs24\insrsid12017023\charrsid14617341 Edward J. Henry Thompson\cell 
40,000\cell }\pard\plain \ql \li0\ri0\widctlpar\intbl\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0 \fs20\lang1033\langfe1033\cgrid\langnp1033\langfenp1033 {\fs24\insrsid12017023\charrsid14617341 \trowd \irow5\irowband5\ts22\trgaph108\trleft630
\trbrdrt\brdrs\brdrw10 \trbrdrl\brdrs\brdrw10 \trbrdrb\brdrs\brdrw10 \trbrdrr\brdrs\brdrw10 \trbrdrh\brdrs\brdrw10 \trbrdrv\brdrs\brdrw10 
\trftsWidth1\trftsWidthB3\trftsWidthA3\trautofit1\trpaddl108\trpaddr108\trpaddfl3\trpaddft3\trpaddfb3\trpaddfr3\tbllkhdrrows\tbllklastrow\tbllkhdrcols\tbllklastcol\tblind738\tblindtype3 \clvertalt\clbrdrt\brdrs\brdrw10 \clbrdrl\brdrs\brdrw10 \clbrdrb
\brdrs\brdrw10 \clbrdrr\brdrs\brdrw10 \cltxlrtb\clftsWidth3\clwWidth3240\clshdrawnil \cellx3870\clvertalt\clbrdrt\brdrs\brdrw10 \clbrdrl\brdrs\brdrw10 \clbrdrb\brdrs\brdrw10 \clbrdrr\brdrs\brdrw10 \cltxlrtb\clftsWidth3\clwWidth3240\clshdrawnil \cellx7110
\row }\pard\plain \ql \li0\ri0\widctlpar\intbl\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\pararsid14617341\yts22 \fs20\lang1033\langfe1033\cgrid\langnp1033\langfenp1033 {\fs24\insrsid12017023\charrsid14617341 Umendra Jit Chaudhary\cell 
40,000\cell }\pard\plain \ql \li0\ri0\widctlpar\intbl\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0 \fs20\lang1033\langfe1033\cgrid\langnp1033\langfenp1033 {\fs24\insrsid12017023\charrsid14617341 \trowd \irow6\irowband6\ts22\trgaph108\trleft630
\trbrdrt\brdrs\brdrw10 \trbrdrl\brdrs\brdrw10 \trbrdrb\brdrs\brdrw10 \trbrdrr\brdrs\brdrw10 \trbrdrh\brdrs\brdrw10 \trbrdrv\brdrs\brdrw10 
\trftsWidth1\trftsWidthB3\trftsWidthA3\trautofit1\trpaddl108\trpaddr108\trpaddfl3\trpaddft3\trpaddfb3\trpaddfr3\tbllkhdrrows\tbllklastrow\tbllkhdrcols\tbllklastcol\tblind738\tblindtype3 \clvertalt\clbrdrt\brdrs\brdrw10 \clbrdrl\brdrs\brdrw10 \clbrdrb
\brdrs\brdrw10 \clbrdrr\brdrs\brdrw10 \cltxlrtb\clftsWidth3\clwWidth3240\clshdrawnil \cellx3870\clvertalt\clbrdrt\brdrs\brdrw10 \clbrdrl\brdrs\brdrw10 \clbrdrb\brdrs\brdrw10 \clbrdrr\brdrs\brdrw10 \cltxlrtb\clftsWidth3\clwWidth3240\clshdrawnil \cellx7110
\row }\pard\plain \ql \li0\ri0\widctlpar\intbl\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\pararsid14617341\yts22 \fs20\lang1033\langfe1033\cgrid\langnp1033\langfenp1033 {\fs24\insrsid12017023\charrsid14617341 Richard James Urwin\cell 40,000
\cell }\pard\plain \ql \li0\ri0\widctlpar\intbl\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0 \fs20\lang1033\langfe1033\cgrid\langnp1033\langfenp1033 {\fs24\insrsid12017023\charrsid14617341 \trowd \irow7\irowband7\ts22\trgaph108\trleft630
\trbrdrt\brdrs\brdrw10 \trbrdrl\brdrs\brdrw10 \trbrdrb\brdrs\brdrw10 \trbrdrr\brdrs\brdrw10 \trbrdrh\brdrs\brdrw10 \trbrdrv\brdrs\brdrw10 
\trftsWidth1\trftsWidthB3\trftsWidthA3\trautofit1\trpaddl108\trpaddr108\trpaddfl3\trpaddft3\trpaddfb3\trpaddfr3\tbllkhdrrows\tbllklastrow\tbllkhdrcols\tbllklastcol\tblind738\tblindtype3 \clvertalt\clbrdrt\brdrs\brdrw10 \clbrdrl\brdrs\brdrw10 \clbrdrb
\brdrs\brdrw10 \clbrdrr\brdrs\brdrw10 \cltxlrtb\clftsWidth3\clwWidth3240\clshdrawnil \cellx3870\clvertalt\clbrdrt\brdrs\brdrw10 \clbrdrl\brdrs\brdrw10 \clbrdrb\brdrs\brdrw10 \clbrdrr\brdrs\brdrw10 \cltxlrtb\clftsWidth3\clwWidth3240\clshdrawnil \cellx7110
\row }\pard\plain \ql \li0\ri0\widctlpar\intbl\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\pararsid14617341\yts22 \fs20\lang1033\langfe1033\cgrid\langnp1033\langfenp1033 {\fs24\insrsid12017023\charrsid14617341 Mataqali Votuburu\cell 11,000
\cell }\pard\plain \ql \li0\ri0\widctlpar\intbl\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0 \fs20\lang1033\langfe1033\cgrid\langnp1033\langfenp1033 {\fs24\insrsid12017023\charrsid14617341 \trowd \irow8\irowband8\ts22\trgaph108\trleft630
\trbrdrt\brdrs\brdrw10 \trbrdrl\brdrs\brdrw10 \trbrdrb\brdrs\brdrw10 \trbrdrr\brdrs\brdrw10 \trbrdrh\brdrs\brdrw10 \trbrdrv\brdrs\brdrw10 
\trftsWidth1\trftsWidthB3\trftsWidthA3\trautofit1\trpaddl108\trpaddr108\trpaddfl3\trpaddft3\trpaddfb3\trpaddfr3\tbllkhdrrows\tbllklastrow\tbllkhdrcols\tbllklastcol\tblind738\tblindtype3 \clvertalt\clbrdrt\brdrs\brdrw10 \clbrdrl\brdrs\brdrw10 \clbrdrb
\brdrs\brdrw10 \clbrdrr\brdrs\brdrw10 \cltxlrtb\clftsWidth3\clwWidth3240\clshdrawnil \cellx3870\clvertalt\clbrdrt\brdrs\brdrw10 \clbrdrl\brdrs\brdrw10 \clbrdrb\brdrs\brdrw10 \clbrdrr\brdrs\brdrw10 \cltxlrtb\clftsWidth3\clwWidth3240\clshdrawnil \cellx7110
\row }\pard\plain \ql \li0\ri0\widctlpar\intbl\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\pararsid14617341\yts22 \fs20\lang1033\langfe1033\cgrid\langnp1033\langfenp1033 {\fs24\insrsid12017023\charrsid14617341 Ratu Apisai D. Naevo\cell 4,000
\cell }\pard\plain \ql \li0\ri0\widctlpar\intbl\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0 \fs20\lang1033\langfe1033\cgrid\langnp1033\langfenp1033 {\fs24\insrsid12017023\charrsid14617341 \trowd \irow9\irowband9\ts22\trgaph108\trleft630
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\brdrs\brdrw10 \clbrdrr\brdrs\brdrw10 \cltxlrtb\clftsWidth3\clwWidth3240\clshdrawnil \cellx3870\clvertalt\clbrdrt\brdrs\brdrw10 \clbrdrl\brdrs\brdrw10 \clbrdrb\brdrs\brdrw10 \clbrdrr\brdrs\brdrw10 \cltxlrtb\clftsWidth3\clwWidth3240\clshdrawnil \cellx7110
\row }\pard\plain \ql \li0\ri0\widctlpar\intbl\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\pararsid14617341\yts22 \fs20\lang1033\langfe1033\cgrid\langnp1033\langfenp1033 {\fs24\insrsid12017023\charrsid14617341 Jai Prasad\cell 20,000\cell 
}\pard\plain \ql \li0\ri0\widctlpar\intbl\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0 \fs20\lang1033\langfe1033\cgrid\langnp1033\langfenp1033 {\fs24\insrsid12017023\charrsid14617341 \trowd \irow10\irowband10\lastrow \ts22\trgaph108\trleft630
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\brdrs\brdrw10 \clbrdrr\brdrs\brdrw10 \cltxlrtb\clftsWidth3\clwWidth3240\clshdrawnil \cellx3870\clvertalt\clbrdrt\brdrs\brdrw10 \clbrdrl\brdrs\brdrw10 \clbrdrb\brdrs\brdrw10 \clbrdrr\brdrs\brdrw10 \cltxlrtb\clftsWidth3\clwWidth3240\clshdrawnil \cellx7110
\row }\pard \ql \li0\ri0\widctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid14617341 {\fs24\insrsid14617341\charrsid14617341 
\par }\pard \ql \li0\ri0\widctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid5180112 {\fs24\insrsid14617341\charrsid5180112 And I order further that 
\par }\pard\plain \s20\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid5180112 \fs24\lang1033\langfe1033\cgrid\langnp1033\langfenp1033 {\lang2057\langfe1033\langnp2057\insrsid14617341\charrsid11038291 
\par }\pard\plain \ql \li720\ri0\widctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin720\itap0\pararsid5180112 \fs20\lang1033\langfe1033\cgrid\langnp1033\langfenp1033 {\fs24\insrsid5180112\charrsid5180112 (b)\tab }{
\fs24\insrsid14617341\charrsid5180112 With the exception of Richard Urwi
n and the Mataqali Votuburu, who are not before the court to present their cases, that the Register of Members is to be corrected for the remainder of the members who are before the court, to reflect those holdings now found, and that new share certificat
es are to be issued by the Company and the old certificates cancelled accordingly.
\par }\pard \ql \li0\ri0\widctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid5180112 {\fs24\insrsid14617341\charrsid5180112 
\par }\pard \ql \li720\ri0\widctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin720\itap0\pararsid5180112 {\fs24\insrsid5180112\charrsid15077697 (c)\tab }{\fs24\insrsid14617341\charrsid15077697 
The Register of Members is to be produced to the High Court at Suva within 7 days for correction.
\par }\pard\plain \s20\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid11038291 \fs24\lang1033\langfe1033\cgrid\langnp1033\langfenp1033 {\lang2057\langfe1033\langnp2057\insrsid14617341\charrsid11038291 
\par }\pard\plain \qc \li0\ri0\widctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid5180112 \fs20\lang1033\langfe1033\cgrid\langnp1033\langfenp1033 {\b\fs24\insrsid14617341\charrsid5180112 A.H.C.T. GATES
\par JUD}{\b\fs24\insrsid5180112\charrsid5180112 G}{\b\fs24\insrsid14617341\charrsid5180112 E
\par }\pard\plain \s20\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid5180112 \fs24\lang1033\langfe1033\cgrid\langnp1033\langfenp1033 {\b\ul\lang2057\langfe1033\langnp2057\insrsid14617341\charrsid11038291 
\par }\pard\plain \ql \li0\ri0\widctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid5180112 \fs20\lang1033\langfe1033\cgrid\langnp1033\langfenp1033 {\fs24\insrsid14617341\charrsid5180112 Solicitors for the 1st and 2nd Plaintif}{
\fs24\insrsid5180112\charrsid5180112 fs}{\fs24\insrsid14617341\charrsid5180112 : Messrs Suresh Maharaj 
\par & Associates, Lautoka
\par }{\fs24\insrsid5180112\charrsid5180112 Solicitors for the Defendants: }{\fs24\insrsid14617341\charrsid5180112 Mr H. Ram, Nadi
\par }}